Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started