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Metlock publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $14 per year. During November 2024, Metlock sells 12,000 subscriptions beginning
Metlock publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $14 per year. During November 2024, Metlock sells 12,000 subscriptions beginning with the December issue. Metlock prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Nov. 2024 List of Accounts Debit Credit
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