User Account

All Pages

Prepare the entry in October for the receipt

Assignment Help Accounting Basics
Reference no: EM132606339

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: EM132606339

Questions Cloud

Journalize the adjusting entry on December : On December 31, Taylor Company has earned interest revenue of $2,100 on outstanding notes, Journalize the adjusting entry on December 31
Appreciation of macroeconomics : You find yourself at a party. It just so happens that an important decision-maker in the job that you are applying for is also there. He is an Economics major
What is the rate of unemployment : In Bangladesh, 39.5 million people are full-time employed, 6.1 million are part-time employed, 2.4 million are unemployed and 2 million are discouraged workers.
Handling either coaching or conflict resolution : How can this verse be used as strength when handling either coaching or conflict resolution?
Prepare the entry in October for the receipt : Princess Company publishes a monthly fashion magazine, Tiara. Prepare the entry in October for the receipt of the subscriptions
Explain the fixed-floating and managed exchange rate : a) Explain the fixed, floating and managed exchange rate. b) Explain three (3) advantages and two (2) disadvantages of fixed and floating
Implications of fully privatizing social security : What would be the redistributive implications of fully privatizing Social Security? How does this compare with the current system?
Describe four main functions of money : a) Define the term money and describe four main functions of money. b) For what purpose do people demand or hold money?
Impact of job losses on the aggregate-demand curve : What is the impact of job losses on the aggregate-demand curve in an open economy with a flexible exchange rate system?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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