The Tennis Times (TTT) 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.
The Tennis Times (TTT) 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.
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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[The following information applies to the questions displayed below.]
The Tennis Times (TTT) 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 TTT (a) collected $500 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided
$244 million of services on these subscriptions in 2018, and (c) provided $256 million of services on these subscriptions in
2019.
Required:
1. Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter
any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.)
Transaction
(a)
(b)
(c)
Assets
Liabilities
Stockholders' Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F734954fb-fae0-4366-b2ce-e1efb24819e4%2F1a17bee9-9218-4825-9691-1ab0250cebe5%2Fcoatpvc_processed.jpeg&w=3840&q=75)
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Required information
[The following information applies to the questions displayed below.]
The Tennis Times (TTT) 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 TTT (a) collected $500 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided
$244 million of services on these subscriptions in 2018, and (c) provided $256 million of services on these subscriptions in
2019.
Required:
1. Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c). (Enter
any decreases to assets, liabilities, or stockholders equity with a minus sign. Enter your answers in whole dollars.)
Transaction
(a)
(b)
(c)
Assets
Liabilities
Stockholders' Equity
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