Required 1. Complete the paragraph explaining why unearned revenues are liabilities instead of revenues. In the explanation, use the following actual example: Maclean's magazine collects cash from subscribers in advance and later delivers magazines to subscribers over a one-year period. Explain what happens to the unearned subscription revenue over the course of a year as Maclean's delivers magazines to subscribers. Into what account does the unearned subscription revenue go as Maclean's delivers magazines? 2. Give the journal entries that Maclean's would make to: a. Collect $41,000 of subscription revenue in advance. b. Record earning $14,000 of subscription revenue. Include an explanation for each entry.

Required 1. Complete the paragraph explaining why unearned revenues are liabilities instead of revenues. In the explanation, use the following actual example: Maclean's magazine collects cash from subscribers in advance and later delivers magazines to subscribers over a one-year period. Explain what happens to the unearned subscription revenue over the course of a year as Maclean's delivers magazines to subscribers. Into what account does the unearned subscription revenue go as Maclean's delivers magazines? 2. Give the journal entries that Maclean's would make to: a. Collect $41,000 of subscription revenue in advance. b. Record earning $14,000 of subscription revenue. Include an explanation for each entry.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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Answer from D to G please.
The sum of all of your customer Accounts Receivable is listed as part of on your balance sheet. * O Current Assets Current Liabilities Long-term Assets Suppose you are closing the books at the end of a fiscal year and you have a balance of $75000 in your Revenue account. What should you do with the balance? * O You should do nothing, and carry it over to the next accounting year. You should zero it out. You should move it to the liability account.
How would part b be answered? How does one find the total amount $ of interest earned in account
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1.) How much is adjusted Interest Expense on December 31, 2021?
The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Debit Credit Interest expense 5,400 Interest payable Rent expense Prepaid rent Interest receivable Interest revenue 5,400 17,500 17,500 450 450 Additional information: 1. The company borrowed $180,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $42,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 3.0% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2021 rent payment was made at the beginning of which month? (Do not round your intermediate calculation.) 3. How much did Eldorado lend its customer on October 31?
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B1.
please guide me answering this practice
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