Princess Company publishes a monthly fashion magazine, Tiara. Subscriptions to the magazine cost $30 per year. During October 2022, Princess sells 12,000 subscriptions beginning with the November issue. Princess prepares financial statements quarterly and recognizes subscription revenue earned a the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Prepare the adjusting entry at March 31, 2023, to record sales revenue recognized in the first quarter of 2023. (List debit entry before credit entry. If no entry is required, select "No Entry for the
Princess Company publishes a monthly fashion magazine, Tiara. Subscriptions to the magazine cost $30 per year. During October 2022, Princess sells 12,000 subscriptions beginning with the November issue. Princess prepares financial statements quarterly and recognizes subscription revenue earned a the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Prepare the adjusting entry at March 31, 2023, to record sales revenue recognized in the first quarter of 2023. (List debit entry before credit entry. If no entry is required, select "No Entry for the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Princess Company publishes a monthly fashion magazine, Tiara. Subscriptions to the magazine cost
$30 per year. During October 2022, Princess sells 12,000 subscriptions beginning with the November
issue. Princess prepares financial statements quarterly and recognizes subscription revenue earned at
the end of the quarter. The company uses the accounts Unearned Subscription Revenue and
Subscription Revenue.
Prepare the adjusting entry at March 31, 2023, to record sales revenue recognized in the first
quarter of 2023. (LIst debit entry before credit entry. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. Credit account titles are automatically indented when the
amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Mar.
31
Debit
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