Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please The following information applies to the questions displayed below.) The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions

help please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following information applies to the questions displayed below.) The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $450 million in 2021 for magazines that will be distributed later in 2021 and 2022,(0) provided $219 million of services on these subscriptions in 2021, and (a provided $231 million of services on these subscriptions in 2022 2 1 2 3 Record the collection of $450,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits Date General Journal Debit Credit 2021 ses Record entry Clear entry View general Journal Journal entry worksheet Record the issuance of bonds of $640,000. Note: Enter debits before credits General Journal Dobit Credit Date January 01 Record entry Clear entry View general Journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

11th Edition

111856667X, 978-1118566671

More Books

Students also viewed these Accounting questions

Question

What key control concept was missing at Argus Productions?

Answered: 1 week ago