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

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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