ox_Sammy_ox
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A Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $16 per year. During November 2008, They sell 23,592 subscriptions beginning with the December issue. They prepare financial statements quarterly and recognize subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscriptions and Subscription Revenue.
I need to journalize the following entries, both the accounts & the amounts in the debit and credit columns.
1. Prepare the entry in November for the receipt of the subscriptions.
2. Prepare the adjusting entry at December 31, 2008, to record subscription revenue earned in December 2008.
3. Prepare the adjusting entry at March 31, 2009, to record subscription revenue earned in the first quarter of 2009.
I need to journalize the following entries, both the accounts & the amounts in the debit and credit columns.
1. Prepare the entry in November for the receipt of the subscriptions.
2. Prepare the adjusting entry at December 31, 2008, to record subscription revenue earned in December 2008.
3. Prepare the adjusting entry at March 31, 2009, to record subscription revenue earned in the first quarter of 2009.