3: E10 (Algo) Determining and Recording the Financial Statement Effects of Deferred Revenue [LO 10-2]

Sed Help Save & Exif Required information E10-6 (Algo) Determining and Recording the Financial Statement Effects of Deferred Revenue (LO 10-2] (The following information applies to the questions displayed below.) The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $470 million in 2021 for magazines that will be distributed later in 2021 and 2022. (b) provided $229 million of services on these subscriptions in 2021, and (d provided $241 million of services on these subscriptions in 2022 E10-6 (Algo) Part 2 2. Using the information given, prepare the journal entries that would be recorded for (a). (b), and (2). (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 3 Record the collection of $470,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (C. (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.) 12 View transaction liat Journal entry worksheet Record the collection of $470,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits Date General Journal Debit Credit 2021 ces Record entry Clear entry View general Journal elect 'NG Entry Required in the first account field. Enter your answers in whole de View transaction list Journal entry worksheet 2 3 Record the service revenue of $229,000,000 earned in 2021, Note: Enter debits before credits Date General Journal Debit Credit 2021 Record entry Clear entry View general Journal View transaction list Journal entry worksheet