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 $2$

Required:

Using the information given, prepare the journal entries that would be recorded for $($a$),($b$),$ and $($c$).$

Note: If no entry is required for a transaction or event, select $"$No Journal Entry Required" in the first account field. Enter your

answers in whole dollars.

Journal entry worksheet

Record the collection of $$670,000,000$ for magazine subscriptions to be

delivered later in $2024$ and $2025.$

Note: Enter debits before credits.