Mammoth Publishing, Inc. owns a weekly magazine called Nova Health, and sells annual subscriptions for $96....

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Mammoth Publishing, Inc. owns a weekly magazine called "Nova Health," and sells annual subscriptions for $96. Customers prepay their subscription fee and receive 52 issues starting in the following month. The company also offers new subscribers a 25% discount coupon on its other weekly magazine called "Fishing & Camping," which has a list price of $84 for an annual subscription. Mammoth estimates that approximately 10% of the discount coupons will be redeemed. Required: (a) How many performance obligations are in a single subscription contract? (b) Prepare the journal entry to account for one new subscription of "Nova Health," clearly identifying the revenue or deferred revenue associated with each performance obligation. Complete this question by entering your answers in the tabs below. Required A Required B How many performance obligations are in a single subscription contract? Number of performance obligations < Required A Required B > Required A Required B Prepare the journal entry to account for one new subscription of "Nova Health," clearly identifying the revenue or deferred revenue associated with each performance obligation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the revenue or deferred revenue associated with each performance obligation. Note: Enter debits before credits. Transaction 1 Cash General Journal Deferred revenue-Fishing & Camping Deferred revenue-Nova Health Debit Credit 96.00 Record entry Clear entry View general journal Mammoth Publishing, Inc. owns a weekly magazine called "Nova Health," and sells annual subscriptions for $96. Customers prepay their subscription fee and receive 52 issues starting in the following month. The company also offers new subscribers a 25% discount coupon on its other weekly magazine called "Fishing & Camping," which has a list price of $84 for an annual subscription. Mammoth estimates that approximately 10% of the discount coupons will be redeemed. Required: (a) How many performance obligations are in a single subscription contract? (b) Prepare the journal entry to account for one new subscription of "Nova Health," clearly identifying the revenue or deferred revenue associated with each performance obligation. Complete this question by entering your answers in the tabs below. Required A Required B How many performance obligations are in a single subscription contract? Number of performance obligations < Required A Required B > Required A Required B Prepare the journal entry to account for one new subscription of "Nova Health," clearly identifying the revenue or deferred revenue associated with each performance obligation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record the revenue or deferred revenue associated with each performance obligation. Note: Enter debits before credits. Transaction 1 Cash General Journal Deferred revenue-Fishing & Camping Deferred revenue-Nova Health Debit Credit 96.00 Record entry Clear entry View general journal

Answer rating: 100% (QA)

a There are two performance obligations in a single subs... View the full answer