E$10-6($Algo$)$ Determining and Recording the Financial Statement Effects of Deferred Revenue $[$LO $10-2]$

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$[$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:

collected $$670$ million in $2024$ for magazines that will be distributed later in $2024$ and $2025,$

provided $$329$ million of services on these subscriptions in $2024,$ and

provided $$341$ million of services on these subscriptions in $2025.$

E$10-6($Algo$)$ Part $1$

Required:

$1.$ Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions $($a$),($b$),$ and $($c$).$ If a transaction affects a temporary account, include the account name under "Temporary Accounts" and the financial effect under $"$NI$."$ Do not enter an amount under "Stockholders' Equity" for these transactions; their impact on stockholders' equity will occur later when the temporary accounts are closed at year$-$end. Do not enter No Effect $($NE$)$ or zero for any cells without an effect for each transaction despite what may be shown in textbook demonstration cases as these cells should be left blank.

Note: Enter any decreases to Assets, Liabilities, Stockholders' Equity, or Net Income with a minus sign. Enter your answers in whole dollars.Required information

E$10-6($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 $$670$ million in $2024$ for magazines that will be distributed later in $2024$ and $2025,$

b$.$ provided $$329$ million of services on these subscriptions in $2024,$ and

c$.$ provided $$341$ million of services on these subscriptions in $2025.$

E$10-6($Algo$)$ Part $1$

Required:

Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions $($a$),($b$),$ and $($c$).$ If a

transaction affects a temporary account, include the account name under "Temporary Accounts" and the financial effect under $"$NI$."$ Do

not enter an amount under "Stockholders' Equity" for these transactions; their impact on stockholders' equity will occur later when the

temporary accounts are closed at year$-$end. Do not enter No Effect $($NE$)$ or zero for any cells without an effect for each transaction

despite what may be shown in textbook demonstration cases as these cells should be left blank.

Note: Enter any decreases to Assets, Liabilities, Stockholders' Equity, or Net Income with a minus sign. Enter your answers in

whole dollars.