Required Information [The following information applies to the questions displayed below.] Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $45 in advance for a one-year subscription. During the month of August 2019, Evans Ltd. sold 180 one-year subscriptions and received payments in advance from all new subscribers. Only 72 of the new subscribers paid their fees in time to receive the August newsletter, the other subscriptions began with the September newsletter. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) a-3. Record the journal entry to show the effect of subscription fees received in advance and Subscription revenue earned during August 2019. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 1 2 Record the cash collection of subscription fees received in advance. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal

Q: Prepare the entry in November for the receipt of the subscriptions.

A: Whenever the Amount is Received for Subscriptions , it is treated as liability as its advance…

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Q: Waterway Magazine sold 11, 760 annual subscriptions on August 1, 2025, for $21 each. Prepare…

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Q: Question involving Revenue Recognition: How much revenue should be recognized by the following…

A: Revenue Recognition: Revenues are recognized when they are earned, typically when goods are…

Q: During the fourth quarter of 2019, there were seven biweekly paydays on Friday (October 4, 18;…

A: There are mainly four type of returns or reports submitted by employer to State Income Tax.…

Q: Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The…

A: The procedure of entering business transactions for first time in the books of accounts is known as…

Q: During December 2018, Fashion Vixen Publishing sold 2,500 12-month annual magazıne subscriptions at…

A: There are two concepts that are usually used in accounting. These are the cash concept and the…

Q: Be sure to answer all three parts of this question, and to format your entries appropriately. Phoebe…

A: Warranty is a form of assurance being given by the seller to the buyer that in case product will…

Q: Swifty Corporation typically sells subscriptions on an annual basis, and publishes 8 times a year.…

A: Amount received from subscriptions  = 45,600*$12 Amount received from subscriptions  = $547,200

Q: Jennifer’s Landscaping Services signed a $400-per-month contract on November 1, 2019, toprovide…

A: Unearned income refers to money obtained from a client for work which has yet to be completed. It is…

Q: Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose…

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Q: Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and…

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Q: Sage sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold…

A: Financial transactions are initially recorded in the form of journal entries by the company.

Q: 00,000 d revenue from subscri

A: The deferred revenues from subscriptions account accounts for subscription fees which was received…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Recording the journal entries for Bank's Hardware Store are as follows:

Q: C. Deferred revenues-subscription fees Tremblay Inc. publishes a monthly newsletter for retail…

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Q: structions: repare the entries in the Journal

A: Step 1 Journal is the Part of Book keeping.

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Q: Subscriptions to Kat Company's magazine cost $16 per year. During November 2022, Kat Company sells…

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Q: Monty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: Cash is an asset. Increase in cash should be debited and decrease in cash should be credited.…

Q: LIhe tollowing intormation applies to the questions displayed below. On October 29, Lobo Co. began…

A: Answer are as follows

Q: The following selected transactions relate to contingencies of Classical Tool Makers, Ic., which…

A: Note: 4. no entry would be made for this as this is not arising any liability.

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A: Given that the company sold 13,500 subscriptions for $16 each. Total amount collected = 13,500 x $16…

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A: Discount: Discount is the interest value included in the face value of discount note.

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A: Notes Receivable - Notes Receivable is instrument issued by the payer and accepted by the receiver.…

Q: On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45.…

A: Given, Number of memberships = 150,000 Selling price of one year membership = $45

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A: Solution: Accrued liabilities related to advertising expense = P1,500 Accrued liabilities related to…

Q: C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis…

A: The question is based on the concept of Financial Accounting.

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…

A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.