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Afina-wow [57]
4 years ago
11

Pharoah Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. Duri

ng November 2022, Pharoah sells 6,900 subscriptions for cash, beginning with the December issue. Pharoah 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. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions.
Business
1 answer:
never [62]4 years ago
3 0

Answer and Explanation:

The Journal entry is shown below:-

On  November 2022

Cash Dr, $193,200            (6,900 × $28)

               To Unearned Subscription Revenue $193,200

(Being the receipt of the subscriptions is recorded)

Therefore to record the receipt of the subscriptions we simply debited the cash as it increased the assets and we credited the unearned subscription revenues as increased the liability so that the correct posting could be done

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Prepare journal entries for each of the following transactions. a. On October 28 of the current year, an account receivable for
Fiesta28 [93]

Answer:

Explanation:

a.

Debit:

Allowance for doubtful accounts- 2800

Credit:

Accounts Receivable- 2800

b.

Debit:

Bad Debt Expense- 23,800

Credit:

Allowance for Doubtful Accounts- 23,800

The creation of journal does not is not difficult, as it direct and easy to do without much explanation. I hope this information is helpful

4 0
3 years ago
What was a new deal program established to relieve unemployment during the great depression by providing national conservation w
allsm [11]

Hello there!

Your answer would be the <u>Civilian Conservation Corps (CCC).</u>

The reason why the Civilian Conservation Corps would be your answer is because this was one of the earliest programs in the new deal that focused to relieve unemployment ratings for young unmarried men. This program was originally for men of ages 18-25, but then moved to 17-28. This program was in operation from 1933 to 1942, and did a ton of work during that time period to get young men back on their feet and working again. This programs was founded by President Franklin D. Roosevelt, the president that brought up the new deal plan and put it into action.

In this program, they had many projects for the young men to do. In the projects, they had the men:

  • Fight forest fries
  • Maintain the forest roads and trails
  • Build flood barriers
  • Plant trees

This program pretty much did whatever they can to get the men to stop thinking about what's going on with them financially because of the great depression. The program provided labor jobs to the men so they could get back to working and make money, this is specifically talking about the people who had trouble finding jobs during the great depression. At the end up the day, this program costed someone $30 a month for clothing, shelter, and food.

7 0
3 years ago
The impact of Hurricane Katrina on consumers in the economy was to make them very pessimistic about their future incomes. How do
Firlakuza [10]

Answer:

The correct answer is option c.

Explanation:

Because of a hurricane, there is a sense of pessimism among the consumers regarding their future incomes. This sense of pessimism would cause consumers to reduce their spending and save money for the future.  

This causes the consumption expenditure to decline. This reduction in the consumption expenditure will cause the aggregate demand to decrease as well. This will cause the aggregate demand curve to move to the left.  

This leftward shift in the aggregate demand curve will further cause the equilibrium price and quantity to decline.

5 0
3 years ago
. Suppose absolute purchasing power parity holds. The exchange rate between British pounds and US dollars is British pound 0.75
svetoff [14.1K]

The stereo would cost 3750 British pound in Britain at the prevailing exchange rate.

Explanation:

Given details-  

The exchange rate between the British pound and US Dollar- 0.75 British pounds for 1 USD

Cost of the stereo= 5000 USD

Proportionate cost of the stereo in the British pound-

Exchange rate conundrum can be understood in the following way easily-

It means that for every 1 USD, a person in Britain would shell out 0.75 British pounds. In other words, the British pound is dearer than USD.

Since the cost of the stereo is 5000 USD and 1 USD is 0.75 British pound

5000 USD would equal 5000* 0.75 British pound= 3750 British pound

cost of the stereo is 3750 British pound

3 0
3 years ago
Read the excerpts and answer the question that follows. Once in a Lifetime by Jhumpa Lahiri (excerpt) My feelings were complicat
fiasKO [112]

The description that details the difference in both excerpts is that Hema's identity was influenced by her parents whereas the speaker of Freeway 280 is searching for her identity.

The narrator stated that her mother considered the idea of a child sleeping alone a cruel American practice, and therefore did not encourage it.

The above showed that the narrator was influenced by her mother. On the other hand, the speaker of Freeway 280 is searching for her identity.

Learn more about excerpts on:

brainly.com/question/21400963

5 0
3 years ago
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