On June 1, Stitch Clothes collected cash of $80,000 on future annual subscriptions for a clothing subscription

Question:

On June 1, Stitch Clothes collected cash of $80,000 on future annual subscriptions for a clothing subscription plan starting on July 1.

Requirements

1. Journalize the transaction to record the collection of cash on June 1.

2. Journalize the transaction required at December 31, the company’s fiscal year-end, assuming no revenue earned has been recorded.

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Related Book For answer-question

Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780137858651

8th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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Question Posted: Jun 25, 2023 06:15 AM

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On June 1, Stitch Clothes collected cash of $80,000 on future annual subscriptions for a clothing subscription

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Journalize the transaction to record the collection of cash o...View the full answer

Horngrens Financial And Managerial Accounting The Financial Chapters

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