Satterfield publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $18 per year. During November
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Satterfield publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $18 per year. During November 2021, Satterfield sells 15,000 subscriptions beginning with the December issue. Satterfield prepares financial statements quarterly and recognizes subscription revenue on magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entries to record
(a) The receipt of the subscriptions
(b) The adjusting entry at December 31, 2021, to record the revenue to be recognized in December 2021.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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a Cash 270000 Unearned Revenue 270000 1500018 Obtain cas...View the full answer
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Related Book For 
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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