Answered: Prepare the entry in November for the…

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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Wildhorse Co. Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Wildhorse sells 8,400 subscriptions for cash, beginning with the December issue. Wildhorse prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.

Prepare the entry in November for the receipt of the subscriptions.

Date	Account Titles and Explanation	Debit	Credit
Nov.	enter an account title for the entry in November for the receipt of the subscriptionsenter an account title for the entry in November for the receipt of the subscriptions

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