On March 1, Happy Day Magazine collected cash of $66,000 on future annual subscriptions starting on April 1. Requirements 1. Jounalize the transaction to record the collection of cash on March 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.) ..... Requirement 1. Journalize the transaction to record the collection of cash on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Mar. 1

On March 1, Happy Day Magazine collected cash of $66,000 on future annual subscriptions starting on April 1. Requirements 1. Jounalize the transaction to record the collection of cash on March 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.) ..... Requirement 1. Journalize the transaction to record the collection of cash on March 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Mar. 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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