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The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenuos Revenuen from our magazine subseription services are deferred initially
The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenuos Revenuen from our magazine subseription services are deferred initially and later recognized as revenue as subsoription nervices are provided. Assume TRP (a) collected $660 million in 2021 for magazines that will be distributed later in 2021 and 2022 , (b) provided $324 million of services on these subscriptions in 2021, and (d) provided $336 million of services on these subscriptions in 2022. 2. 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.) Journal entry worksheet 3 Record the collection of $660,000,000 for magazine subscriptions to be dellyered later in 2021 and 2022 . Note Enter debite bufore credits. Journal entry worksheet Record the service revenue of $324,000,000 earned in 2021 . Note: Enter deblts before credits. transaction/event, select "No Journal Entry Required" inat would be recorded for (a),(b) Journal entry worksheet Record the service revenue of $336,000,000 earned in 2022 . Note: Enter debits before credits
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