Bramble Company publishes a monthly decorating magazine, Remodelista. Subscriptions to the magazine cost $35 per year....
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Bramble Company publishes a monthly decorating magazine, Remodelista. Subscriptions to the magazine cost $35 per year. During October 2020, Bramble sells 23,040 subscriptions beginning with the November issue. Bramble prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscriptions and Subscription Revenue. (a) Prepare the entry in October for the receipt of the cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Oct. 31 Debit Credit SUP Bramble Company publishes a monthly decorating magazine, Remodelista. Subscriptions to the magazine cost $35 per year. During October 2020, Bramble sells 23,040 subscriptions beginning with the November issue. Bramble prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscriptions and Subscription Revenue. (a) Prepare the entry in October for the receipt of the cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Oct. 31 Debit Credit SUP
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