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kaheart [24]
3 years ago
5

Advance Payments for Goods The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells

for $260. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. a. Prepare a journal entry to record the receipt of the subscriptions on January 1. b. Prepare a journal entry to record one week of earned revenue on March 25. Round all answers to the nearest dollar.
Business
1 answer:
kobusy [5.1K]3 years ago
7 0

Answer:

The Journal entries are as follows:

(i) On January 1,

Cash  A/c    Dr. 26,000

To Unearned subscription revenue  26,000

(To record the receipt of the subscriptions)

(ii) On March 25,

Unearned subscription revenue A/c   Dr. $500

To subscription revenue                                      $500

(To record the one week of earned revenue)

Working notes:

subscription revenue for 1 week = 260 × 100 × (1 ÷ 52 )

                                                       = $500

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4 0
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8. In the month of September, Matlock Industries sold 800 units of product. The average sales price was $30. During the month, f
Lunna [17]

Answer:

(a) $9; 30%

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Explanation:

Given that,

Units sold = 800

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(a) Contribution margin per unit:

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= $21,000

Break-even sales (in units):

= Fixed costs ÷ Contribution margin per unit

= $6,300 ÷ $9

= 700 units

4 0
4 years ago
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Over [174]

Answer:

d

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They include :

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8 0
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Mrrafil [7]

Answer:

The answer is

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ch4aika [34]

Answer:

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