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I started the question please make sure its correct thank you Required information [The following information applies to the questions displayed below. The Riesen Publishers
I started the question please make sure its correct thank you
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: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $460 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $224 million of services on these subscriptions in 2021, and (c) provided $236 million of services on these subscriptions in 2022. Required: 1. Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.) Assets Liabilities + Stockholders' Equity Transaction (a) Cash + (b) = Deferred Revenue = Deferred Revenue = Deferred Revenue + (c) + Revenues 3 from our magazine subscription services are deferred initially er recognized as revenue as subscription services are provided. RP (a) collected $460 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided on of services on these subscriptions in 2021, and (c) provided $236 million of services on these subscriptions in rmation given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter s to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.) Assets Liabilities This is a numeric cell, so please enter numbers only. sh Deferred Revenue Deferred Revenue = Deferred RevenueStep by Step Solution
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