Requlred 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 $$640$ million In $2021$ for magazines that will be distributed later in $2021$ and $2022,($b$)$ provided $$314$ million of services on these subscriptions in $2021,$ and $($c$)$ provided $$326$ million of services on these subscriptions in $2022.$

$2.$ Using the Information given, prepare the journal entrles that would be recorded for $($a$),($b$),$ and $($c$).($If no entry Is requlred for $$ transactlon$/$event$,$ select $"$No Journal Entry Requlred" In the flrst account fleld. Enter your answers In whole dollars.$)$

Journal entry worksheet

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Record the collection of $$640,000,000$ for magazine subscriptions to be delivered later in $2021$ and $2022.$

Note: Enter debits before credits,

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[2021,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

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Record the collection of $$640,000,000$ for magazine subscriptions to be delivered later in $2021$ and $2022.$

Record the service revenue of $$314,000,000$ earned in $2021.$

Record the service revenue of $$326,000,000$ earned in $2022.$

$----$ Information must be filled in the Journal Entry Worksheet.

Ln $5,$ Col $61296$ characters

$100\%$

Windows $($ UTF$-8$