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 $500 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $244 million of services on these subscriptions in 2021, and (c) provided $256 million of services on these subscriptions in 2022.

1. Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.)

   Transaction	Assets	Liabilities	Stockholder Equity
   (a)
   (b)
   (c)

   1. 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.)

   2. Record the collection of $500,000,000 for magazine subscriptions to be delivered later in 2021 and 2022.

   3. Record the service revenue of $244,000,000 earned in 2021.

   4. Record the service revenue of $244,000,000 earned in 2021.