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REALY NEED HELP ON ALL OF THESE ALSO ALSO Exercise 10-4 Nevin Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost
REALY NEED HELP ON ALL OF THESE
ALSO
ALSO
Exercise 10-4 Nevin Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $18 per year. During November 2014, Nevin sells 12,000 subscriptions beginning with the December issue. Nevin prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. (a) Prepare the entry in November for the receipt of the subscriptions. (b) Prepare the adjusting entry at December 31, 2014, to record sales revenue recognized in December 2014. (c) Prepare the adjusting entry at March 31, 2015, to record sales revenue recognized in the first quarter of 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 Dec. 31 Mar. 31
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