Readers Digest Association is a publisher of magazines, books, and music collections. The following note is from
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Question:
Readers Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report:Sales of our magazine subscriptions are deferred as Deferred revenue and recognized as revenues proportionately over the subscription period.Assume that Readers Digest a collected $ million in for magazines that will be delivered later in and and b delivered $ million worth of magazines on these subscriptions in Required: Using the information given, indicate the effects accounts and amounts of the transactions involving $ million and $ million, on the accounting equation. Enter your answers in whole dollars. Enter any decreases to accounts with a minus sign. Using the information given, prepare the journal entries that would be recorded in and If no entry is required for a transactionevent select No journal entry required" in the first account field. Enter your answers in whole dollars.
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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