Question 5 of 10 > View Policies Current Attempt in Progress University Survival Magazine Ltd. is a small company run by two enterprising university students. They publish an issue of the magazine onxe a month from September through April. The magazine reports on various university activities and provides information such as how to get the best concert tickets, where to get the best pizza for the best price, where the good study spots are and how to get library staff to help with research The magazine is sold either on a prepaid subscription basis for $12.60 for alleight issues, or for $2.10 per issue. During September 2,200 subscriptions were sold Up to the end of December a total of 13.900 single copies were sold The company also pre-sels advertising space in the magazine to local businesses that focus on the student market. During July and August, the company signed up several businesses and collected $24.500 in advertising revenues. The advertisements are to be included in all right issues of the magazine The cost of printing and distributing the first four issues of the magazine was $41.500, of which $37.300 was paid by the end of December. Miscellaneous other expenses totalling $3.600 were incurred and paid in cash between September and December Part 1 Journalize all the transactions to the end of December. (Enter debit entries first followed by credit entries Credit accounties 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 for the amounts. Do not record any adjusting entries at this time) Date Account and explanation Debit Credit July/Aug To record collection of advertising revenue) Sept. Question 5 of 10 ./14 Part 1 Journalize all the transactions to the end of December (Enter debit entries first followed by credit entriel Credit occounts 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 for the amounts. Do not mean any just entries at this time Account and explanation Debit Credit Date July/Aug (To record collection of advertising revenue Sept. (To record collection from sale of subscriptions.) Dec (To record revenue from sale of single coples.) Dec (To record cost of printing and distributing.) Dec. (To record payment of cost of printing and distributing.) Dec Question 5 of 10 Save for Later Attempts: 0 of 3 used Submit Answer Part 2 Prepare any necessary adjusting entries on December 31. (Enter debit entries first followed by credit entries, 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 for the amounts.) No. Account and explanation Debit Credit 1. (Adjusting entry for advertising revenue.) 2. (Adjusting entry for subscription revenue.) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Part 3 Question 5 of 10 HI! Part 3 Prepare a simple statement of income for the magazine, for the period from July to December (Enter loss using either a negative sin preceding the number es. -14,674 or parentheseses (146740 University Survival Magazine Ltd. Statement of Income $ $ e Textbook and Media Part 4 Calculate the balance in the magazine's Cash account on December 31 Cash balance eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit
