Question
Lake ViewLakeViewMagazine sells subscriptions for $216for 36issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the
Lake ViewLakeViewMagazine sells subscriptions for $216for 36issues. The company collects cash in advance and then mails out the magazines to subscribers each month.
Apply the revenue recognition principle to determine
a. when
LakeViewMagazine should record revenue for this situation.
b. the amount of revenue Lake ViewLakeViewMagazine should record for FIV five issues
| Lake View Magazine should record revenue when |
| the subscribers. |
| b. | Lake View Magazine should record $ |
Is this for five issues. |
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Debra Good
13th Canadian edition
134616316, 134166698, 9780134632407 , 978-0134166698
