Liberty Company sent a check for $48 to Wine Digest magazine on May 1 for a or Select one: O a. Prepaid Subscription of $18, and Subscription Expense of $18 O b. Prepaid Subscription of $12, and Subscription Expense of $24 O C. Prepaid Subscription of $28, and Subscription Expense of $20 o d. Prepaid Subscription of $24, and Subscription Expense of $12
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![Liberty Company sent a check for $48 to Wine Digest magazine on May 1 for a one year subscription. If Liberty's financial year ends on September 30, their financial statements will report:
Select one:
a. Prepaid Subscription of $18, and Subscription Expense of $18
b. Prepaid Subscription of $12, and Subscription Expense of $24
c. Prepaid Subscription of $28, and Subscription Expense of $20
d. Prepaid Subscription of $24, and Subscription Expense of $12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F96bc6193-a9e7-4716-b78f-2b2e254dbd91%2F38c3d417-d1d5-4c93-a6e5-31334fcc44fd%2Fkgjgedr_processed.png&w=3840&q=75)
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- Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each Apply the revenue recognition principle to determine A. when seacost magazine should record revenue for this situation B. the amount fo revenue seacost magazine should record for eight issuesCompany Ltd. publishes a monthly magazine called Fishing Preview. Subscriptions cost $28 per year. In NOV 2022, Cassini sells 6,300 (annual) subscriptions for cash, beginning with the DEC issue. Cassini prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a DEC 31 year-end. Instructions (a) Prepare the entry in NOV the receipt of the subscriptions. (b) Prepare the adjusting entry at DEC 31, 2022, to record one month's subscription revenue for DEC 2022. (c) Prepare the adjusting entry at MAR 31, 2023, to record subscription revenue in the first quarter of 2023. (a) NOV (b) DEC 31 (c) Mar 31Yummy publishes magazines geared toward cooking enthusiasts. The company sells year-long subscriptions to its customers. At the beginning of January, the company sold $78,000 in yearly subscriptions. The customers receive one magazine on the 15th of each month. The company records adjusting entries semiannually on June 30 and December 31. Which of the following journal entries would the company record on June 30 to recognize the revenue earned? a.Debit Cash for $78,000 and credit Subscription Revenue for $78,000 b.Debit Unearned Subscription Revenue for $32,500 and credit Subscription Revenue for $32,500 c.Debit Unearned Subscription Revenue for $6,500 and credit Subscription Revenue for $6,500 d.Debit Unearned Subscription Revenue for $39,000 and credit Subscription Revenue for $39,000
- On October 1, Year 1, Sparky Co. Magazine sold one-year subscriptions in advance, collecting a total amount of $12.000 upfront. What is the required adjusing journal entry at the end of the month? Dr Subscriplion Revenue $12.000, Cr Uneamed Subscripton Revenue $12.000 Dr Subscription Revenue $1.000. Cr Uneamed Subscrption levenue $1,000 Dr Uneamed Subscription Revenue $12.000, Cr Subscrpton Revenue $12.000 Dr Uneamed Subscription Revenue $1.000: Cr Subscription Revenue $1.000Lake View Magazine sells subscriptions for $72 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Lake View Magazine should record revenue for this situation. b. the amount of revenue Lake View Magazine should record for eight issues. a. Lake View Magazine should record revenue when b. For eight issues, Lake View Magazine should record revenue of the subscribers.Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest Revenue
- On September 1, Year 1, West Company borrowed $30,000 from Valley Bank. West agreed to pay interest annually at the rate of 5% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice $500 $375 $-0- $150On January 1, Fashion Magazine received $16,440 from subscribers for the annual subscriptions that it recorded in Unearned Revenue. The issues of the magazine are sent digitally to subscribers monthly. What amount of subscription revenue should the magazine recognize on January 31 when the first issue is sent? Multiple Choice O $16,440. $1,370. $8,220. $4,110. $0.Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
- Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Jenkins Inc. had the following transactions. Sep 1 Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all be due on May 31. Dec. 31- Accrued interest on the note. (Round to the nearest whole dollar amount.) May 31 Received the interest on the note's maturity date. PE May 31 amount.) Required: Prepare the required journal entries. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, Received the principal on the note's maturity date. (Round to the nearest whole dollar
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