Golf Pro Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the newsstand. Yearly subscriptions to the magazine cost $24 per year (12 issues). During December 2020, Golf Pro Publications sells 12,000 copies of the golf magazine at newsstands and receives payment for 25,000 subscriptions for 2021. Financial statements are prepared monthly. Prepare the December 2020 journal entries to record the newsstand sales and subscriptions received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record the sale of magazines) (To record the amount of subscriptions received) Debit 10 Credit
Golf Pro Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the newsstand. Yearly subscriptions to the magazine cost $24 per year (12 issues). During December 2020, Golf Pro Publications sells 12,000 copies of the golf magazine at newsstands and receives payment for 25,000 subscriptions for 2021. Financial statements are prepared monthly. Prepare the December 2020 journal entries to record the newsstand sales and subscriptions received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record the sale of magazines) (To record the amount of subscriptions received) Debit 10 Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 18E: On December 1, 2019, AwakcAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers....
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