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Required Information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $600 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $294 million of services on these subscriptions in 2021, and (c) provided $306 million of services on these subscriptions in 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Enter your answers in whole dollars.)

Required Information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $600 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $294 million of services on these subscriptions in 2021, and (c) provided $306 million of services on these subscriptions in 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Enter your answers in whole dollars.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 13P
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Required Information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $600 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $294 million of services on these subscriptions in 2021, and (c) provided $306 million of services on these subscriptions in 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 2 3 < 1 Revenues Record the collection of $600,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits. Date 2021 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $600 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $294 million of services on these subscriptions in 2021, and (c) provided $306 million of services on these subscriptions in 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 2 3 < 1 Revenues Record the collection of $600,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits. Date 2021 Record entry General Journal Clear entry Debit Credit View general journal
Journal entry worksheet < 1 2 3 Record the service revenue of $306,000,000 earned in 2022. Note: Enter debits before credits. Date 2022 Record entry Journal entry worksheet < 1 2 3 Note: Enter debits before credits. General Journal Record the service revenue of $294,000,000 earned in 2021. Date 2021 Clear entry Record entry General Journal Clear entry Debit Debit Credit View general journal Credit View general journal
Transcribed Image Text:Journal entry worksheet < 1 2 3 Record the service revenue of $306,000,000 earned in 2022. Note: Enter debits before credits. Date 2022 Record entry Journal entry worksheet < 1 2 3 Note: Enter debits before credits. General Journal Record the service revenue of $294,000,000 earned in 2021. Date 2021 Clear entry Record entry General Journal Clear entry Debit Debit Credit View general journal Credit View general journal
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