- 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.

Question

Want to see the full answer?

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Computer the production cost per unit under variable costing

Please provide problem with accounting

General accounting question

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

Want to see the full answer?

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

Want to see the full answer?

Check out a sample textbook solution

See solution

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...

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.

Want to see the full answer?

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.

Want to see the full answer?

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.