Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2022, Blossom sells 6,840 subscriptions for cash, beginning with the December issue. Blossom 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.
Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2022, Blossom sells 6,840 subscriptions for cash, beginning with the December issue. Blossom 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During
November 2022, Blossom sells 6,840 subscriptions for cash, beginning with the December issue. Blossom 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. (Credit account titles are automatically indented when amount is
entered. Do not Indent momually)
Date Account Titles and Explanation
Nov. 30
eTextbook and Media
List of Accounts
Dec. 31
Debit
Prepare the adjusting entry at December 31, 2022, to record subscription revenue in December 2022. (Credit account titles are
automatically indented when amount is entered. Do not indent manually)
nd Explanation
Credit
Debit
Credit
Transcribed Image Text:Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023. (Credit account titles are
automatically indented when amount is entered. Do not indent manually)
Date Account Titles and Explanation
Mar. 31
eTextbook and Media
Debit
Credit
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