Real Losers, a diet magazine, collected P360,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in Unearned subscription revenue on December 31?
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- On January 1, Fashion Magazine received $16,440 from subscribers for the annual subscriptions that it recorded in Unearned Revenue. The issues of the magazine are sent digitally to subscribers monthly. What amount of subscription revenue should the magazine recognize on January 31 when the first issue is sent? Multiple Choice O $16,440. $1,370. $8,220. $4,110. $0.Ayayai Corp. typically sells subscriptions on an annual basis and publishes 6 times a year. The magazine sells 84600 subscriptions in January at $9 each. What entry is made in January to record the sale of the subscriptions? O Cash 761400 Unearned Subscription Revenue 761400 O subscriptions Receivable Unearned Subscription Revenue 126900 126900 O Subscriptions Receivable Subscription Revenue 761400 761400 O Prepaid Subscriptions 761400 Cash 761400Company Ltd. publishes a monthly magazine called Fishing Preview. Subscriptions cost $28 per year. In NOV 2022, Cassini sells 6,300 (annual) subscriptions for cash, beginning with the DEC issue. Cassini 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. The company has a DEC 31 year-end. Instructions (a) Prepare the entry in NOV the receipt of the subscriptions. (b) Prepare the adjusting entry at DEC 31, 2022, to record one month's subscription revenue for DEC 2022. (c) Prepare the adjusting entry at MAR 31, 2023, to record subscription revenue in the first quarter of 2023. (a) NOV (b) DEC 31 (c) Mar 31
- Skysong, Inc. typically sells subscriptions on an annual basis, and publishes 8 times a year. The magazine sells 49600 subscriptions in January at $11 each. What entry is made in January to record the sale of the subscriptions? Cash 545600 Unearned Subscription Revenue 545600 Subscriptions Receivable 545600 Subscription Revenue 545600 Prepaid Subscriptions 545600 Cash 545600 Subscriptions Receivable 68200 Unearned Subscription Revenue 68200Yummy publishes magazines geared toward cooking enthusiasts. The company sells year-long subscriptions to its customers. At the beginning of January, the company sold $78,000 in yearly subscriptions. The customers receive one magazine on the 15th of each month. The company records adjusting entries semiannually on June 30 and December 31. Which of the following journal entries would the company record on June 30 to recognize the revenue earned? a.Debit Cash for $78,000 and credit Subscription Revenue for $78,000 b.Debit Unearned Subscription Revenue for $32,500 and credit Subscription Revenue for $32,500 c.Debit Unearned Subscription Revenue for $6,500 and credit Subscription Revenue for $6,500 d.Debit Unearned Subscription Revenue for $39,000 and credit Subscription Revenue for $39,000On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45. Costco has a December 31 year end. The journal entry required on 8/1 would include a credit to Unearned Revenue for how much?
- Olaf Inc. sells home improvement magazine subscriptions to customers. On September 30, 2020, the company sold 13,500 annual subscriptions for $16 each. Assume that the home improvement magazines are published and delivered on a monthly basis. Determine the entry on December 31, 2020.Carrot Company sells one and two-year mail order subscriptions for video of the month business. Subscriptions are collected in advance and credited to a revenue account. An analysis of the recorded sales activity revealed the following: 2021 2022 Sales 780,000 950,000 Cancellations 10,000 40,000 Subscription expiration: 2021 130,000 2022 350,000 190,000 2023 290,000 400,000 2024 320,000 How much is the unearned subscription revenue as of December 31, 2022?Sunland Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2020, Sunland sells 22,500 subscriptions beginning with the December issue. Sunland 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.) DateAccount Titles and ExplanationDebitCreditNov. 30 Show List of AccountsLink to Text Prepare the adjusting entry at December 31, 2020, to record sales revenue recognized in December 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)
- Caden started a new publication called Contest News. Its subscribers pay $24 to receive 12 monthly issues. With every new subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1. It sends Contest News to each of these subscribers every month from July through December. Assuming no changes in subscribers, prepare the year-end journal entry that Caden must make as of December 31 to adjust the Subscription Revenue account and the Unearned Subscription Revenue account.Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each Apply the revenue recognition principle to determine A. when seacost magazine should record revenue for this situation B. the amount fo revenue seacost magazine should record for eight issuesDuring December 2018, Fashion Vixen Publishing sold 2,500 12-month annual magazine subscriptions at a rate of $30 each. The first issues were mailed in February 2019. Prepare the following entries on Fashion Vixen's books: 1-to record the sale of the subscriptions entry. 2- the mailing of the first issues entry. Essay Toolbar navigation BI U S A V