User Account

All Pages

Give entries to record the receipt of the subscription fees

Assignment Help Financial Accounting
Reference no: EM132500284

Use T-Accounts to demonstrate the entries.

Question 1: On September 1, 2018, Professional Golfer Journal, Inc., received a total of $150,000 as payment in advance for one-year subscriptions to a monthly magazine. A liability account was credited to record this cash receipt. By the end of the year, one-third of the maga-zines paid for in advance had been delivered. Give the entries to record the receipt of the subscription fees and to adjust the accounts at December 31, assuming annual financial statements are prepared at year-end.

Reference no: EM132500284

Questions Cloud

Certain firms to operate as a monopoly : What barriers to entry exist in other industries that allow certain firms to operate as a monopoly? Are these barriers contestable?
Identify techniques that the counselor used with adolescent : Identify two techniques that the counselor used with the adolescent and explain why these techniques were appropriate for the developmental stage.
Determine each item is a facility-level : Provide one example of an appropriate allocation base for each item. (For instance, an appropriate allocation base for item 5 is the quantity of direct material
Find one of the political philosophies easier : Do you find one of the political philosophies easier to agree with or easier to justify? Which do you most closely align with, and why?
Give entries to record the receipt of the subscription fees : Give the entries to record the receipt of the subscription fees and to adjust the accounts at December 31, assuming annual financial statements
What adjusting entry is necessary at december : A one-year insurance policy was purchased on November 1 for $2,400, and the following entry was made at that time. What adjusting entry is necessary at December
How much producer surplus is created with the price floor : How much producer surplus is created with the price floor?
Determine the average contribution margin per hour : What is the average service revenue per hour in each month and the overall average for the six-month period? Determine the average contribution margin per hour.
Marginal costs of installing another terminal : What are the marginal costs of installing another terminal at a location?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd