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Prepare the december journal entries to record news sales

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Question - Amazing Publications publishes a golf magazine for women. The magazine sells for $5.00 a copy on news stands. Yearly subscriptions to the magazine cost $50 per year (12 issues). During December 2019, Amazing Publications sells 5,000 copies of the golf magazine at news stands and receives payment for 6,000 subscriptions for 2020. Financial statements are prepared monthly.

Required -

1) Prepare the December 2019 journal entries to record the news stand sales and subscriptions received (narrations are NOT required).

2) Prepare the necessary adjusting entry on 31 January 2020. The January 2020 issue has been mailed to subscribers (narrations are NOT required).

Reference no: EM132562600

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