Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ou are the regional sales manager for Jackie Branco News Company. Jackie is making adjusting entries for the year ended March 31 , 024. On

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
ou are the regional sales manager for Jackie Branco News Company. Jackie is making adjusting entries for the year ended March 31 , 024. On September 1,2023 , customers in your region paid $36,000 cash for three-year magazine subscriptions beginning on that late. The magazines are published and mailed to customers monthly. These were the only subscription sales in your region during the ear. Required: 1. What amount should be reported as cash from operations on the statement of cash flows for the year ended March 31,2024 ? 2. What amount should be reported on the income statement for subscriptions revenue for the year ended March 31,2024 ? 3. What amount should be reported on the March 31,2024 , balance sheet for unearned subscriptions revenue? 4. Prepare the adjusting entry at March 31,2024, assuming that the subscriptions recelved on September 1, 2023, were recorded for the full amount in Unearned Subscriptions Revenue. Complete this question by entering your answers in the tabs below. What amount should be reported on the income statement for subscriptions revenue for the year ended March 31,2024? You are the regional sales manager for Jackie Branco News Company. Jackle is making adjusting entries for the year ender 2024. On September 1,2023 , customers in your region paid $36,000 cash for three-year magazine subscriptions beginning on that date. The magazines are published and mailed to customers monthly. These were the only subscription sales in your region during the yeat. Required: 1. What amount should be reported as cash from operations on the statement of cash flows for the year ended March 31,2024 ? 2. What amount should be reported on the income statement for subscriptions revenue for the year ended March 31, 2024? 3. What amount should be reported on the March 31,2024 , balance sheet for unearned subscriptions revenue? 4. Prepare the adjusting entry at March 31, 2024, assuming that the subscriptions received on September 1, 2023, were recorded for the full amount in Unearned Subscriptions Revenue. Complete this question by entering your answers in the tabs below. What amount should be reported as cash from operations on the statement of cash flows for the year ended March 31,20247 Prepare the adjusting entry at March 31, 2024, assuming that the subscriptions received on September 1, 2023, were recorded for the full amount in Unearned Subscriptions Revenue. Note: If no entry is required for a transactionvevent, select "No foumal entry required" in the first account field. Journal entry worksheet Record the adjusting entry at March 31, 2024. Note: Enter dobits before credits. You are the regional sales manager for Jackie Branco News Company. Jackie is making adjusting entries for the year ended March 31 , 2024 . On September 1,2023 , customers in your region paid $36,000 cash for three-year magazine subscriptions beginning on that date. The magazines are published and mailed to customers monthly. These were the only subscription sales in your region during the yeat. Required: 1. What amount should be reported as cash from operations on the statement of cash flows for the year ended March 31,2024 ? 2. What amount should be reported on the income statement for subscriptions revenue for the year ended March 31,2024 ? 3. What amount should be reported on the March 31,2024 , balance sheet for unearned subscriptions revenue? 4. Prepare the adjusting entry at March 31,2024 , assuming that the subscriptions received on September 1, 2023, were recorded for the full amount in Unearned Subscriptions Revenue. Complete this question by entering your answers in the tabs below. What amount should be reported on the March 31,2024 , balance sheet for unearned subscriptions revenue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Database Audit And Protection

Authors: Gerardus Blokdyk

3rd Edition

0655407499, 978-0655407492

More Books

Students also viewed these Accounting questions

Question

List the requirements for an internetworking facility.

Answered: 1 week ago

Question

3. What are the current trends in computer hardware platforms?

Answered: 1 week ago