Horse and Hound Publishing sells magazine subscriptions for $40 each for a 1 year subscription. During...
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Horse and Hound Publishing sells magazine subscriptions for $40 each for a 1 year subscription. During April 2014, 10,000 subscriptions are sold beginning with the May issue. Financial statements are prepared quarterly and revenue is recognized at that time, not monthly. Required: Prepare journal entries for: Sale of the subscriptions a b C Date Account 30-Apr-14 30-Jun-14 Revenue recognition in June Revenue recognition for 3rd quarter that year. 9/31/2014 Debit 2 home games were played in December and 4 in January. Required: Record the journal entries for November, December and January Credit Problem 4 Cashin University sells season passes to home games for $360 for home 15 games. All 1,250 tickets sold out within a week in November for games beginning in December. During December Horse and Hound Publishing sells magazine subscriptions for $40 each for a 1 year subscription. During April 2014, 10,000 subscriptions are sold beginning with the May issue. Financial statements are prepared quarterly and revenue is recognized at that time, not monthly. Required: Prepare journal entries for: Sale of the subscriptions a b C Date Account 30-Apr-14 30-Jun-14 Revenue recognition in June Revenue recognition for 3rd quarter that year. 9/31/2014 Debit 2 home games were played in December and 4 in January. Required: Record the journal entries for November, December and January Credit Problem 4 Cashin University sells season passes to home games for $360 for home 15 games. All 1,250 tickets sold out within a week in November for games beginning in December. During December
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a Sale of the subscriptions April 2014 Date April 30 2014 Accoun... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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