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Nuetrik [128]
2 years ago
12

Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $26 per year. During Nov

ember 2019, Swifty sells 27,120 subscriptions beginning with the December issue. Swifty 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.
1. Prepare the entry in November for the receipt of the subscriptions (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2. Prepare the adjusting entry at December 31, 2015, to record sales revenue recognized in December 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
ira [324]2 years ago
7 0

Answer:

A. Dr Cash $705,120

Cr Unearned subscription revenue

B. Dr Unearned subscription revenue $58,760

($705,120 *1/12)

Cr Subscription revenue $58,760

Explanation:

a) Preparation of the entry in November for the receipt of the subscriptions

Dr Cash $705,120

(27,120*$26)

Cr Unearned subscription revenue $705,120

(To record the receipt of the subscriptions)

b) Preparation of the adjusting entry at December 31, 2015, to record sales revenue recognized in December 2015

Dr Unearned subscription revenue $58,760

($705,120 *1/12)

Cr Subscription revenue $58,760

(To record sales revenue recognized)

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Answer:

operational business processes

Explanation:

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Use below information to prepare general journal entries for Belle Co.'s 1 through 7 transactions.
antoniya [11.8K]

Answer:

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General Journal Entries

1. Debit Cash $6,000

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Debit Web Servers $12,000

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To record the assets exchanged for common stock by D. Belle.

2. Debit Prepaid Insurance $4,800

Credit Cash $4,800

To record the prepayment of insurance coverage.

3. Debit Supplies $900

Credit Accounts Payable $900

To record the purchase of supplies on account.

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Credit Cash $800

To record the payment of selling expenses for cash.

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Credit Service Revenue $4,500

To record the receipt of cash for services rendered.

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Credit Cash $900

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To record the payment for the purchase of equipment.

Explanation:

a) Data and Transaction Analysis:

1. Cash $6,000 Equipment $7,600 Web Servers $12,000 Common Stock $25,600

2. Prepaid Insurance $4,800 Cash $4,800

3. Supplies $900 Accounts Payable $900

4. Selling Expenses $800 Cash $800

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A Recession happened.

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