20 points eBook Print References Reader's Digest Association is a publisher of magazines, books, and music...

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20 points eBook Print References Reader's Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report Revenues Sales of our magazine subscriptions are deferred (as Deferred revenue). recognized as revenues proportionately over the subscription period. and Assume that Reader's Digest (o) collected $301 million in 2019 for magazines that will be delivered later in 2019 and 2020, and (b) delivered $197 million worth of magazines on these subscriptions in 2019. Required: 1. Using the information given, indicate the effects (accounts and amounts) of the transactions involving $401 million and $197 million, on the accounting equation. (Enter your answers in whole dollars. Enter any decreases to accounts with a minus sign.) Transaction (a) (b) Assets Liabilities Mc Graw Hill < Prev 4 of 6 Next > C Book rint rences 2. Using the information given, prepare the journal entries that would be recorded in 2019 and 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 2 4 Record the collection of $401 million for magazines subscriptions. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit 20 points eBook Print References Reader's Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report Revenues Sales of our magazine subscriptions are deferred (as Deferred revenue). recognized as revenues proportionately over the subscription period. and Assume that Reader's Digest (o) collected $301 million in 2019 for magazines that will be delivered later in 2019 and 2020, and (b) delivered $197 million worth of magazines on these subscriptions in 2019. Required: 1. Using the information given, indicate the effects (accounts and amounts) of the transactions involving $401 million and $197 million, on the accounting equation. (Enter your answers in whole dollars. Enter any decreases to accounts with a minus sign.) Transaction (a) (b) Assets Liabilities Mc Graw Hill < Prev 4 of 6 Next > C Book rint rences 2. Using the information given, prepare the journal entries that would be recorded in 2019 and 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 2 4 Record the collection of $401 million for magazines subscriptions. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit