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Required Information [The following Information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for
Required Information [The following Information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $650 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $319 million of services on these subscriptions in 2021, and (c) provided $331 million of services on these subscriptions in 2022. Required: 1. Using the Information given, Indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter any decreases to assets, llabilities, or stockholders equity with a minus sign. Enter your answers In whole dollars.) Transaction (a) (b) (c) Assets = Liabilities + Stockholders' Equity
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