Monty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $29 per year. During November 2019, Monty sells 19,800 subscriptions beginning with the December issue. Monty 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. 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.)
Monty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $29 per year. During November 2019, Monty sells 19,800 subscriptions beginning with the December issue. Monty 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. 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Monty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $29 per year. During November 2019, Monty sells 19,800 subscriptions beginning with the December issue. Monty 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.
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.)
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