Question
Sunland Communications publishes a monthly sports magazine, Walkabout Preview . Subscriptions to the magazine cost 25 per year. During November 2020, Sunland sells 22,500 subscriptions
Sunland Communications publishes a monthly sports magazine, Walkabout Preview. Subscriptions to the magazine cost 25 per year. During November 2020, Sunland sells 22,500 subscriptions beginning with the December issue. Sunland 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.
Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Nov. 30 | enter an account title for the journal entry on November 30 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on November 30 | enter a debit amount | enter a credit amount |
Prepare the adjusting entry at December 31, 2020, to record sales revenue recognized in December 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | enter an account title for the journal entry on December 31 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on December 31 | enter a debit amount | enter a credit amount |
Prepare the adjusting entry at March 31, 2021, to record sales revenue recognized in the first quarter of 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Mar. 31 | enter an account title for the journal entry on March 31 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on March 31 | enter a debit amount | enter a credit amount |
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