User Account

All Pages

Prepare the adjusting entry at March

Assignment Help Accounting Basics
Reference no: EM132606662

Question - Princess Company publishes a monthly fashion magazine, Tiara. Subscriptions to the magazine cost $30 per year. During October 2014, Princess sells 12,000 subscriptions beginning with the November issue. Princess prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue.

Instructions -

(a) Prepare the entry in October for the receipt of the subscriptions.

(b) Prepare the adjusting entry at December 31, 2014, to record sales revenue recognized in December 2014.

(c) Indicate the effect that the transactions in (a) and (b) have on assets, liabilities, and stockholders' equity.

(d) Prepare the adjusting entry at March 31, 2015, to record sales revenue recognized in the first quarter of 2015.

(e) Indicate how the unearned subscription revenue is reported in the 3/31/15 financial statements, including the amount.

Reference no: EM132606662

Questions Cloud

Discuss what makes your product choice different : Product differentiation is a strategy that relies on differences in products or processes affecting perceived customer value. For this discussion forum, define.
How pay for performance bonuses will be paid : As the team lead for your department, you have been asked to create a policy outline that details how pay for performance bonuses will be paid.
Determine the appropriate presentation currency : What is the difference between the presentation currency and the functional currency? How would an organisation determine the appropriate presentation currency
Discuss what credible economists say about the effects : Some politicians, labor unions, and special interest groups argue that US trade deficits are harmful to the economy and nations that run large trade surpluses.
Prepare the adjusting entry at March : Prepare the adjusting entry at March 31, 2015, to record sales revenue recognized in the first quarter of 2015
Tobacco regulation : What are your views on the government's role in regulating tobacco products? Is there currently enough regulation,
Prepare statement of cash flow for using the indirect method : Sheridan Shoes' comparative balance sheet is presented. Sheridan reports under ASPE. Prepare statement of cash flows for 2021 using the indirect method.
Explain the ethical threats which may affect the auditor : JT & Co have done some consultive work previously and the invoice is still outstanding. Explain the ethical threats which may affect the auditor of Pink Co
Compare the vision and mission statements of two companies : Compare the vision and mission statements of the two companies. What are the similarities and differences? How do you think these statements impact the culture

Reviews

Write a Review

Accounting Basics Questions & Answers

  Operating leverage-roi-eva

Use information from the latest financial statement to compute operating leverage, ROI, EVA and another performance measure of Textron,

  How should tiffany respond to dicks suggestion

Do you think that Dick Stanton's suggested approach is the most efficient way to control risks associated with complex computer environments

  Mayaguez corporation provides its officers

Mayaguez Corporation provides its officers with bonuses based on net income. For 2014, the bonuses total $350,000 and are paid on February 15, 2015. Prepare Mayaguez's December 31, 2014, adjusting entry and the February 15, 2015, entry.

  Assume that mcpherson completed the office and warehouse

mcpherson furniture company started construction of a combonation office and warehouse building for its own use at an

  Prepare the necessary correcting entries

Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)

  Each unit requires 3 hours of direct labor time at 10 per

kolinchak enterprises has the following production planned for the first quarter of next yearjanuarynbspnbspnbsp

  Prepare a bank reconciliation statement

Note collected by the bank for Bart Starr Sports, $900, plus interest earned $36. Prepare a bank reconciliation statement

  Monopolistically competitive demand

Would the following factors increase or decrease the ability of domestic auto manufacturers to raise prices and profit margins? Why?

  Subjective intent to commit

The subjective intent to commit an act that is against the law is known as

  July 1 e on the open market 10000 face value of gallatin

swartz inc. enters into the following transactions during 2010july 1 e on the open market 10000 face value of gallatin

  Refer to the statement of cash flows for arctic cat

Refer to the statement of cash flows for Arctic Cat in Appendix A for the fiscal year ended March 31, 2011, to answer the following.

  What impact if any do international accounting standards

What impact, if any, do international accounting standards (i.e., the International Financial Reporting Standards developed by the International Accounting)

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