Sheridan Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2020, Sheridan sells 12,000 subscriptions beginning with the December issue. Sheridan 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.

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

A: Whenever the Amount is Received for Subscriptions , it is treated as liability as its advance…

Q: Dimples Company sells subscriptions to a specialized directory, which is issued semi-annually and…

A: The unearned subscription refers to the amount that is received from the customer for which services…

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A: Revenue: It is the Income generated by any organization from the regular course of business…

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A: There are two concepts that are usually used in accounting. These are the cash concept and the…

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A: Current Liabilities These are those liabilities which a company is obligated to pay within a year.…

Q: E10-7 Valenti Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to…

A: Unearned subscription Revenue: Unearned subscription Revenue means money received from the customer…

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A: Amount received from subscriptions  = 45,600*$12 Amount received from subscriptions  = $547,200

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A: Unearned revenue Income : This is often the quantity earned  from the operations of a business. The…

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A: Here revenue is recognized at end of quarter.  That is on December 31. Cash received on October…

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A: Answer are as follows

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A:

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A: Subscription is the amount you pay yearly, It is basically an agreement you make in advance that if…

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Magazine 20XX for $85 during December 20Y8. These…

A: Current liabilities: Liabilities are debt and obligations of a business. Current liability is the…

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A: Given information, Sales in 2019 =7,500 units Selling price =P 5,000 Warranty cost per percentage =…

Q: At December 31, 2020, Feel Company had 20,000 gift certificates outstanding, which had been sold to…

A: The cash basis of accounting says the firm has to record the transaction only when corresponding…

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A: Warranty means where the company is undertaking to make good the loss which has been incurred due to…

Q: Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: Unearned Income refers to the income that the company receives before it actually earning the same.…

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A: Answer -   Working - Subscription revenue received for 12 months = $360,000   Subscription revenue…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Magazine 20XX for $60 during December 20Y8. These…

A:

Q: Bavarian Bar and Grill opened for business in November 2021. During its first two months of…

A: 1.

Q: During December 2020, Markowitz Publishing sold 4,500 12-month annual magazine subscriptions at a…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

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A: 1.  Prepare the appropriate journal entries

Q: Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the…

A: Total subscription  amount received = Total no. of subscription x Amount per subscription =…

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A: since nothing is mentioned, it is assumed that the question is asking about the preparation of…