Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2022, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno 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. (a) Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov. 30 Debit Credit
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- Flores Company publishes a monthly sports magazine, Hunting Preview. Subscriptions to the magazine cost $25 per year. During October 2020, Flores sells 30,000 subscriptions beginning with the November issue. Flores 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. Prepare the entry in October for the receipt of the subscriptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31 eTextbook and MediaSunland Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2020, Sunland sells 22,500 subscriptions beginning with the December issue. Sunland 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. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and ExplanationDebitCreditNov. 30 Show List of AccountsLink to Text Prepare the adjusting entry at December 31, 2020, to record sales revenue recognized in December 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)Monty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $29 per year. During November 2019, Monty sells 19,800 subscriptions beginning with the December issue. Monty 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. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
- Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2022, Swifty sells 24,000 subscriptions beginning with the December issue. Swifty 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. (a) Your answer is correct. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. Cash 600000 30 Unearned Subscription Revenue 600000Company Ltd. publishes a monthly magazine called Fishing Preview. Subscriptions cost $28 per year. In NOV 2022, Cassini sells 6,300 (annual) subscriptions for cash, beginning with the DEC issue. Cassini 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 DEC 31 year-end. Instructions (a) Prepare the entry in NOV the receipt of the subscriptions. (b) Prepare the adjusting entry at DEC 31, 2022, to record one month's subscription revenue for DEC 2022. (c) Prepare the adjusting entry at MAR 31, 2023, to record subscription revenue in the first quarter of 2023. (a) NOV (b) DEC 31 (c) Mar 31Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2022, Swifty sells 24,000 subscriptions beginning with the December issue. Swifty 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. (a) Your answer is partially correct. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. Cash 30
- Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. enter an account title for the entry in November for the receipt of the subscriptions enter a debit amount enter a credit amount enter an account title for the entry in November for the receipt of the subscriptions enter a debit amount enter a credit amount…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 subscriptionsSheridan 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.
- Crane Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $15 per year. During November 2022, Crane sells 12,480 subscriptions for cash, beginning with the December issue. Crane 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 a tabular summary to record the following events. (a) Receipt of the subscriptions in November. (b) Adjustment at December 31, 2022, to record subscription revenue in December 2022. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Pd. in Cap. Cash Unearned Subscrip.…Golf Pro Publications publishes a golf magazine for women. The magazine sells for $3 a copy on the newsstand. Yearly subscriptions to the magazine cost $24 per year (12 issues). During December 2020, Golf Pro Publications sells 12,000 copies of the golf magazine at newsstands and receives payment for 25,000 subscriptions for 2021. Financial statements are prepared monthly. Prepare the December 2020 journal entries to record the newsstand sales and subscriptions received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record the sale of magazines) (To record the amount of subscriptions received) Debit CreditDuring December 2020, Apartment Publishing sold 3,180 12-month annual magazine subscriptions at a rate of $20 each. The first issues were mailed in February 2021. Prepare the entries on Apartment’s books to record the sale of the subscriptions and the mailing of the first issues. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)