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Ymorist [56]
3 years ago
9

Wildhorse Co. Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During

November 2017, Wildhorse sells 7,380 subscriptions for cash, beginning with the December issue. Wildhorse 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.
Required:
1. Prepare the entry in November for the receipt of the subscriptions.
2. Prepare the adjusting entry at December 31, 2017, to record subscription revenue in December 2017.
Business
1 answer:
posledela3 years ago
6 0

Answer:

1. Prepare the entry in November for the receipt of the subscriptions.

November 30, 2017

Dr Cash 147,600

    Cr Unearned subscription revenue 147,600

Unearned subscription revenue = $20 x 7,380 = $147,600

2. Prepare the adjusting entry at December 31, 2017, to record subscription revenue in December 2017.

Dr Unearned subscription revenue 12,300

    Cr Subscription revenue 12,300

Subscription revenue = $147,600 / 12 months (only December) = $12,300

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Suppose the economy is operating at an output level of $5,400 billion. Assume furthermore that potential output is $5,000. Which
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Answer:

The government should decrease spending by $100 billion.

Explanation:

The potential output level of an economy is $5,000 billion.  

The economy is operating at an output level of $5,400 billion.  

We see that there is an inflationary gap of $400 billion as the economy is operating at an output level of $400 billion more than the potential output level.  

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ΔY = \frac{1}{1 - MPC}\ \times\ \Delta G

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4 0
3 years ago
Fair Value Journal Entries, Trading Investments Jets Bancorp Inc. purchased a portfolio of trading securities during 20Y3. The c
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Answer:

Trading Investments Jets Bancorp Inc.

Journal Entries - Fair Value:

Dec. 31, 20Y3:

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Investment in Dolphins Inc.               $3,200

Gain (Loss) on Investments                                     $3,200

To record the investment's fair value and gain.

Gain (Loss) on Investments            $4,200

Investment in Marino Company                              $4,200

To record the investment's fair value and loss.

Gain (Loss) on Investments            $1,200

Investment in Namath Company                             $1,200

To record the investment's fair value and loss.

May 10, 20Y4:

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Brokerage Commission                       $150

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To record purchase of 1,000 shares at $24 per share plus commission.

Explanation:

a) Trading securities are a category of securities that include both debt securities and equity securities.   An entity holds them with the intention  to sell in the short-term for a profit that arises from increases in the prices of the securities.

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3 0
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FrozenT [24]

Answer:

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