In December 2021, Quebec Printingreceived $500 cash from customers, inadvance, for magazine subscriptions to bedelivered in 2022. What would be theappropriate journal entry for theDecember 2021 transaction?

Cash is recieved in advance in 2021 for magazine subscription to be delivered in 2022. The cash is…

Answered: ved $500 cash from cust nce, for…

Business

Accounting

ved $500 cash from cust nce, for magazine subscr

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

In December 2021, Quebec Printing
received $500 cash from customers, in
advance, for magazine subscriptions to be
delivered in 2022. What would be the
appropriate journal entry for the
December 2021 transaction?

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Accounting for Cash and cash equivalents

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