On August 2, 2021, Remer Publishing Co. collected

$ 1,026

cash for a 3 year subscription to a monthly magazine, Investor's Stock and Bond Advisory.

The first issue will be mailed to subscribers in December, 2021.

Required:

Write a brief report covering the following for this situation:

[a] When revenue should be recognized.

[2 marks]

[b] Any entry that should be made on the transaction date.

[3 marks]

[c] An explanation of the reasoning for your respones to requirements [a] and [b].

[3 marks]