Roaker Dance Company sells subscriptions for its dance season whichincludes 9 performances. The company received annual subscriptionpayments on November 15, 2015 for performances that will take placeduring 2016 in the amount of $225,000. The subscription payments willbe earned equally for each dance performance. The first performance ofthe season is January 31, 3016.Required: Please show calculationsPart a. Prepare the journal entry for the receipt of annual subscriptionpayments on November 15, 2015.Part b. Prepare the required adjusting entry for the subscriptionpayments on January 31, 2016.

Answer : 1) Date Account title Dr. Cr. Nov.15,2015 Cash a/c Dr. $225,000 To unearned…

Answered: November 15, 2015 for perform in the…

Business

Accounting

November 15, 2015 for perform in the amount of $225,000. The qually for each dance performance 5 January 31, 3016.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.

Question

Roaker Dance Company sells subscriptions for its dance season which
includes 9 performances. The company received annual subscription
payments on November 15, 2015 for performances that will take place
during 2016 in the amount of $225,000. The subscription payments will
be earned equally for each dance performance. The first performance of
the season is January 31, 3016.
Required: Please show calculations
Part a. Prepare the journal entry for the receipt of annual subscription
payments on November 15, 2015.
Part b. Prepare the required adjusting entry for the subscription
payments on January 31, 2016.

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