C. Deferred revenues-subscription fees Tremblay Inc. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $84 in advance for a one-year subscription. During the month of April of the current year, Tremblay Inc. sold 130 one-year subscriptions and received payments in advance from all new subscribers. Only 55 of the new subscribers paid their fees in time to receive the April newsletter. The other subscribers received the newsletter in May. Required: Prepare journal entries to record the subscription fees received in advance during April of the current year, and the related adjusting entry to recognize the subscription revenue earned during April of the current year. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 Record the receipt of one-year subscriptions from 130 customers. Note: Enter debits before credits. Date April Record entry General Journal Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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C. Deferred revenues-subscription fees
Tremblay Inc. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $84 in advance for a
one-year subscription. During the month of April of the current year, Tremblay Inc. sold 130 one-year subscriptions and received
payments in advance from all new subscribers. Only 55 of the new subscribers paid their fees in time to receive the April newsletter.
The other subscribers received the newsletter in May.
Required:
Prepare journal entries to record the subscription fees received in advance during April of the current year, and the related adjusting
entry to recognize the subscription revenue earned during April of the current year. (If no entry is required for a transaction/event,
select "No journal entry required" In the first account fleld.)
View transaction list
Journal entry worksheet
<
1 2
Record the receipt of one-year subscriptions from 130 customers.
Note: Enter debits before credits.
Date
April
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:C. Deferred revenues-subscription fees Tremblay Inc. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $84 in advance for a one-year subscription. During the month of April of the current year, Tremblay Inc. sold 130 one-year subscriptions and received payments in advance from all new subscribers. Only 55 of the new subscribers paid their fees in time to receive the April newsletter. The other subscribers received the newsletter in May. Required: Prepare journal entries to record the subscription fees received in advance during April of the current year, and the related adjusting entry to recognize the subscription revenue earned during April of the current year. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 Record the receipt of one-year subscriptions from 130 customers. Note: Enter debits before credits. Date April Record entry General Journal Clear entry Debit Credit View general journal
C. Deferred revenues-subscription fees
Tremblay Inc.publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $84 in advance for a
one-year subscription. During the month of April of the current year, Tremblay Inc. sold 130 one-year subscriptions and received
payments in advance from all new subscribers. Only 55 of the new subscribers paid their fees in time to receive the April newsletter.
The other subscribers received the newsletter in May.
Required:
Prepare journal entries to record the subscription fees received in advance during April of the current year, and the related adjusting
entry to recognize the subscription revenue earned during April of the current year. (If no entry is required for a transaction/event,
select "No journal entry required" In the first account fleld.)
View transaction list
Journal entry worksheet
< 1 2
Record the entry to recognize subscription revenue for April.
Note: Enter debits before credits.
Date
April 30
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:C. Deferred revenues-subscription fees Tremblay Inc.publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $84 in advance for a one-year subscription. During the month of April of the current year, Tremblay Inc. sold 130 one-year subscriptions and received payments in advance from all new subscribers. Only 55 of the new subscribers paid their fees in time to receive the April newsletter. The other subscribers received the newsletter in May. Required: Prepare journal entries to record the subscription fees received in advance during April of the current year, and the related adjusting entry to recognize the subscription revenue earned during April of the current year. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 Record the entry to recognize subscription revenue for April. Note: Enter debits before credits. Date April 30 Record entry General Journal Clear entry Debit Credit View general journal
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