Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2022, Swifty sells 24,000 subscriptions beginning with the December issue. Swifty 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. (a) Your answer is correct. 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.) Date Account Titles and Explanation Debit Credit Nov. Cash 600000 30 Unearned Subscription Revenue 600000
Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2022, Swifty sells 24,000 subscriptions beginning with the December issue. Swifty 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. (a) Your answer is correct. 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.) Date Account Titles and Explanation Debit Credit Nov. Cash 600000 30 Unearned Subscription Revenue 600000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
![Prepare the adjusting entry at December 31, 2022, to record sales revenue recognized in December 2022. (Credit account titles
are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Dec.
31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e0cd55c-6f84-412a-ac81-9a79eaea810f%2F390861f8-e84a-4ea0-8200-91af792f8517%2Fgtw3skd_processed.png&w=3840&q=75)
Transcribed Image Text:Prepare the adjusting entry at December 31, 2022, to record sales revenue recognized in December 2022. (Credit account titles
are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Dec.
31
![Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During
November 2022, Swifty sells 24,000 subscriptions beginning with the December issue. Swifty 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.
(a)
Your answer is correct.
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.)
Date Account Titles and Explanation
Debit
Credit
Nov.
Cash
600000
30
Unearned Subscription Revenue
600000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e0cd55c-6f84-412a-ac81-9a79eaea810f%2F390861f8-e84a-4ea0-8200-91af792f8517%2F6wqgo1_processed.png&w=3840&q=75)
Transcribed Image Text:Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During
November 2022, Swifty sells 24,000 subscriptions beginning with the December issue. Swifty 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.
(a)
Your answer is correct.
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.)
Date Account Titles and Explanation
Debit
Credit
Nov.
Cash
600000
30
Unearned Subscription Revenue
600000
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