- Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date. To determine:- Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

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Answer 1

Question

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

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Overview The story of FTX is another "open and shut" fraud case, this time taking place in the digital world. Completing this activity allows you to continue building your knowledge of how fraud is detected, how evidence is collected, how fraudsters are prosecuted, and how fraud affects those involved. Prepare Review the video, The Trial Against Same Bankman-Friend: How Did We Get Here? Read the following brief case overview: A federal grand jury in Manhattan returned an indictment charging Samuel Bankman-Fried, aka SBF, 30, of Stanford, California, with wire fraud, conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations. In March 2024, FTX co-founder and CEO Sam Bankman-Fried was convicted of 2 counts of wire fraud and five counts of conspiracy after his crypto empire collapsed, defrauding…

Answer 2

Question

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

Answer 6

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

Answer 7

Chapter 3, Problem S3.9SE

To determine

Introduction:-

Unearned revenue account is an account which is opened by an organisation, when it receives the payment for the goods or services today, but will provide those goods or services on a future date.

To determine:-

Here, in the problem given to us, we are require to record a journal entry for Southern Magazine for cash receipt of $1, 50, 000 in advance from its subscribers.

Answer 8

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

Answer 9

To determine

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

Answer 10

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

Answer 11

To determine

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 3 - Prob. 1QC Ch. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QC Ch. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...

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To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

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Chapter 3 Solutions

Concept explainers

Videos

To determine:- Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine:- Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.

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Chapter 3 Solutions

To determine:-

Now, we are required to record an adjusting entry for Southern Magazine for recording $9, 000 as revenue.

To determine:-

Now, we are required to post the above recorded journal entry and adjusting entry to their respective T- accounts.