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***Please show how to get answer*** 22. Houston Magazine receives $100 in advance from a customer for a 2 year subscription. Houston Magazine's entry to
***Please show how to get answer***
22. Houston Magazine receives $100 in advance from a customer for a 2 year subscription. Houston Magazine's entry to record this transaction would include a: A) debit to Subscription Revenue for $100 B) credit to Subscription Revenue for $100 C) debit to Unearned Subscription Revenue for $100 D) credit to Unearned Subscription Revenue for $100 23. Company A filed suit against Company B, seeking damages for patent infringement. Company B's legal counsel believes it is probable that Company B will settle the lawsuit for an estimated amount in the rage of $50,000 to $100,000, with all amounts in the rage considered equally likely. How should Company B report this litigation? A) As a liability for $50,000 with disclosure of the range. B) As a liability for $75,000 with disclosure of the range. C) As a liability for $100,000 with disclosure of the range. D) As a disclosure only. No liability is reported. 24. Company's cash balance at the end of the month was $6,500. After comparing the company's records with the monthly bank statement. The company's accountant identified the following reconciling items: outstanding checks, $800; deposits in transit, $700; bank service charge, $30; NSF check, $500. What is the adjusted bank balance? A) $6,600 B) $5,970 C) $6,370 D) The adjusted bank balance cannot be determined from this informationStep by Step Solution
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