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Flauer [41]
1 year ago
9

Bramble Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazine sells 102000 subs

criptions in January at $15 each. What entry is made in January to record the sale of the subscriptions
Business
1 answer:
nirvana33 [79]1 year ago
4 0

The answer is option A. a. Cash 900,000 Unearned

Subscription Revenue 900,000

On the part of the seller, the sale of 60,000

Magazines at $15 constitute liability.

Remember that cash has already been received by the company.

Hence, this amount is yet to be earned by the company that it is considered liability on the part of the seller.

Account  Title                                       Debit          Credit

Cash 60,000 subscriptions * $15   $900,000

Unearned Subscription Revenue                           $900,000

Take note that the unearned subscription revenue is amortized to subscription revenue on a monthly or yearly basis.

Disclaimer:-your question is incomplete, please see below for complete question.

a. Cash 900,000 Unearned

Subscription Revenue 900,000

b. Prepaid Subscriptions 900,000

Cash 900,000 Subscriptions

c. Receivable 150,000

Unearned Subscription Revenue 150,000

d. Subscriptions Receivable 900,000

Subscription Revenue 900,000

Learn more about subscriptions here:-brainly.com/question/15301858

#SPJ4

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On August 2, Jun Co. receives a $8,000, 90-day, 11.0% note from customer Ryan Albany as payment on his $8,000 account receivable
GarryVolchara [31]

Answer:

August 2    Notes Receivable                   8000 Dr

                           Accounts Receivable- Ryan         8000 Cr

October 30  Interest receivable                  220 Dr

                          Interest Revenue                          220 Cr

October 31   Cash                                        8220 Dr

                            Notes Receivable                    8000 Cr

                            Interest Receivable                   220 Cr

Explanation:

When we receive the Note against the Accounts Receivable, we will credit the Accounts Receivable to close the account of Ryan and create a new current asset account of Notes Receivable on August 2.

On October 30, 90 days period of Note is complete so we will record the interest that is receivable for us on this note.

  • Interest Receivable = 8000 * 11% * 90/360  = $220

We record this as Interest Receivable as we have not received this and credit Interest revenue as it is our income.

On 31 October, when we receive cash it will be total of Notes payable and Interest so we will debit cash by 8220 and credit the Notes payable and interest receivable.

8 0
3 years ago
Exercise 8-5 The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000; Sales Revenue $84
Nina [5.8K]

Answer:

Journal entries are shown below:

Explanation:

The journal entries are as follows

a.  Bad debt expense $1,400  

                       To Account receivable  $1,400

(Being the bad debt expense is recorded)

b. Bad debt expense  $8,900  

          To Allowance for doubtful accounts  $8,900

(Being the bad debt expense is recorded)

The computation is shown below:

= $110,000 × 10% - $2,100

= $11,000 - $2,100

= $8,900

c. Bad debt expense $6,800  

    To Allowance for doubtful accounts $6,800

(Being the bad debt expense is recorded)

The computation is shown below:

= $110,000 × 6% + $200

= $6,600 + $200

= $6,800

4 0
3 years ago
What is the maximum locked-rotor
Fynjy0 [20]

Answer:

because answer key you give you answer

8 0
2 years ago
A data analyst at a construction company is working on a report for a quickly approaching deadline. why might they choose to ana
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A data analyst at a construction company is working on a report for a quickly approaching deadline. why might they choose to analyze only historical data, the project has a very short time frame.

Data modeling continues facts regularly, offers a map of the way statistics is prepared, and makes records less difficult to apprehend. information modeling is the system of making a version that is used for organizing information factors and the way they relate to each other.

Your records are correct and fair, ensure you start with a correct illustration of the populace in the pattern acquire the data in an objective manner and ask questions about the data.

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4 0
2 years ago
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the r
Natali5045456 [20]

Answer:

$67,000

Explanation:

Miller$72,000/60%=$ 120,000 loss to eliminate capital

Tyson$72,000/20%=$ 360,000 loss to eliminate capital

Watson$19,000/20%=$ 95,000 loss to eliminate capital

Watson is the partner most vulnerable to a loss of $95,000 which will inturn eliminate Watson's capital balance

Hence:

$162,000-$95,000

=$67,000

Therefore if the loss on disposal is less than $95,000, all partners will retain positive capital balances and receive some cash in liquidation reason been that other assets which is $162,000, must be sold for any amount over $67,000 for all partners to get cash.

7 0
2 years ago
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