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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 subscriptions
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 $490 million in 2021 for magazines that will be distributed later in 2021 and 2022. (b) provided $239 million of services on these subscriptions in 2021, and (9 provided $251 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). (6). and (9. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.) Assets Liabilities Stockholders' Equity Cash Transaction (a) (b) (c)
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