Question
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
The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows:
Revenues |
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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.
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Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars.)
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