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help please? Required information [The following information applies to the questions displayed below] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy
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Required information [The following information applies to the questions displayed below] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Pevenues Revenues from our magazine subseription services are deferred initialiy and later recomized as revenue as subscription services are provided. Assume TRP (d) collected $500 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $244 million of services on these tubscriptions in 2021, and (c) provided $256 million of services on these subseriptions in 2022 equired: Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a). (b), and (c) (Enter any decresses to assets, liabilities, or stockholders equity with s minus sign. Enter your answers in whole dollars.) The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues from our mogazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $500 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $244 million of services on these subscriptions in 2021, and (c) provided $256 million of services on these subscriptions in 2022 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transactionievent, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollers.) Journal entry worksheet Record the collection of $500,000,000 for magazine subscriptions to be dellivered later in 2021 and 2022 Step by Step Solution
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