The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $209....
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The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $209. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. a. Prepare a journal entry to record the receipt of the subscriptions on January 1. b. Prepare a journal entry to record one week of earned revenue on March 25. Round all answers to the nearest dollar. a. General Journal Description Debit Date Jan.1 Credit $ → b. To record subscriptions received. Date Mar.25 $ General Journal Description + ◆ To record subscription revenue earned. $ Debit Credit $ The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $209. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31. a. Prepare a journal entry to record the receipt of the subscriptions on January 1. b. Prepare a journal entry to record one week of earned revenue on March 25. Round all answers to the nearest dollar. a. General Journal Description Debit Date Jan.1 Credit $ → b. To record subscriptions received. Date Mar.25 $ General Journal Description + ◆ To record subscription revenue earned. $ Debit Credit $
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Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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