Kingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 per year. During November 2021, Kingbird sells 18,000 subscriptions beginning with the December issue. Kingbird prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2021, to record revenue to be recognized in December 2021. Prepare the adjusting entry at March 31, 2022, to record revenue to be recognized in the first quarter o
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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