Prepare the entry in november for the receipt of the, Ask an Expert

Accounting

Walter Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $22 per year. During, November 2007, Walter sells 6,000 subscriptions for cash, beginning with the December issue. Walter prepares financial statements quarterly and recognizes subscription revenue earned 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.

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

b) Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007.

c) Prepare the adjusting entry at March 31, 2008, to record subscription revenue earned in the first quarter of 2008.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9277780

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question for this weeks discussion research the most common

Question: For this week's Discussion, research the most common threats to a computerized accounting system using the Internet and/or Strayer databases. Be prepared to discuss. 1. Upon examination of the greatest threats ...

Accounting information system question -1-identify two

Accounting Information System Question - 1-Identify two strategic decisions that the information in one (or more) of the example dashboards at idashboards.com can help the company make. Be specific when describing these ...

Question - overhead variances two- and three-variance

Question - Overhead Variances, Two- And Three-Variance Analyses Oerstman, Inc., uses a standard costing system and develops its overhead rates from the current annual budget. The budget is based on an expected annual out ...

Question - marigold corporation issued a 4-year 55000 5

Question - Marigold Corporation issued a 4-year, $55,000, 5% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $44,762. The note requires annual interest payments each December ...

Question - in its first year of existence year 1 willow

Question - In its first year of existence (year 1), Willow Corp. (a C corporation) reports a loss for tax purposes of $50,000. In year 2 it reports a $40,000 loss. For year 3, it reports taxable income from operations of ...

Question - paid audi company the interest due on the note

Question - Paid Audi Company the interest due on the note of April 15 and renewed the loan by issuing a new 60-day, 8% note for $225,000. Record both the debit and credit to the notes payable account.

Assessment conditionsassessment must be conducted in a safe

Assessment Conditions: Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the regulation, licensing and risk - risk managem ...

Management accounting assignment -assignment topic -

Management Accounting Assignment - Assignment Topic - Management Accounting Principles and Effective Planning Tools for Managing Accounts Aim of this assignment - The overall aim of this unit is to introduce the fundamen ...

Question - eastern manufacturing is involved with several

Question - Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2018 financial statements are issued on M ...

Question - how do you find covered payroll on a schedule of

Question - How do you find covered payroll on a schedule of changes in net pension liability and related ratios chart? How do you find "New pension liability as a percentage of covered payroll"? Net change in plan fiduci ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert