Prepare the entry in November for the receipt of the subscriptions.

Q: Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn’s…

A: Solution Current assets means an asset which a company can be converted in to cash with in a one…

Q: Dimples Company sells subscriptions to a specialized directory, which is issued semi-annually and…

A: The unearned subscription refers to the amount that is received from the customer for which services…

Q: In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014…

A: As per Matching Principal we have to match the revenues of a paticulars…

Q: Bon Nebo Co. sold 18,000 annual subscriptions of Magazine 20XX for $44 during December 20Y8. These…

A: Given that Taxable income = $500000 Federal tax rate = 40%

Q: Bon Nebo Co. sold 12,500 annual subscriptions of Bjorn for $45 during December 20Y5. These new…

A: Current liabilities: Current liabilities are a company's short-term financial obligations that are…

Q: Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for…

A:

Q: Sheridan Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: From November to December = 1 month So till December 31, 2020; a subscription has been earned for 1…

Q: E10-7 Valenti Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to…

A: Unearned subscription Revenue: Unearned subscription Revenue means money received from the customer…

Q: c.Debit Unearned Subscription Revenue for $6,500 and credit Subscription Revenue for $6,500 d.Debit…

A: Unearned revenue Income : This is often the quantity earned  from the operations of a business. The…

Q: Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose…

A: Service companies that use the accrual method of accounting will periodically have to book unearned…

Q: Flores Company publishes a monthly sports magazine, Hunting Preview. Subscriptions to the magazine…

A: Here revenue is recognized at end of quarter.  That is on December 31. Cash received on October…

Q: A company has advance subscription sales totaling $45,000 for the upcoming year when four quarterly…

A:

Q: Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant…

A: Balance sheet is a summary record of financial balances which shows the financial position of the…

Q: On December 12, 2018, Pace Electronics received $24,000 from a customer toward a cash sale of…

A: Deferred revenues: Collection of cash in advance to render service or to deliver goods in future is…

Q: Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and…

A: Under the Accrual Basis of Accounting, revenue is accounted for when it is earned, and expense is…

Q: Bon Nebo Co. sold 15,500 annual subscriptions of Magazine 20XX for $59 during December 20Y8. These…

A: Federal income tax payable = taxable income x tax rate = 576000 x 40% = $230,400

Q: Amber gears sells gears to HTC Car Repair during 2018.It offers rebates of 2% on purchases up to…

A: Normal purchase made in parts during the year= $300,000  Purchases on March 25, 2018= $74,000 of…

Q: Carrot Company sells one and two-year mail order subscriptions for video of the month business.…

A: Solution Unearned subscription revenue Unearned subscription revenue means the amount that has been…

Q: Caden started a new publication called Contest News. Its subscribers pay $24 to receive 12 monthly…

A:

Q: On April 1, Griffith Publishing Company received $3,258 from Santa Fe, Inc. for 36-month…

A: As per the accrual base system, Revenue should be recognized only for that period, for which…

Q: Sunland Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: In this numerical has covered the concept of Journal entry and adjusting entry. The Normal Journal…

Q: Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual…

A:

Q: Bon Nebo Co. sold 15,500 annual subscriptions of Bjorn for $62 during December 20Y5. These new…

A: Federal income taxes payable = Taxable income x Federal tax rate = $604000*35% = $211,400

Q: Olaf Inc. sells home improvement magazine subscriptions to customers.  On September 30, 2020, the…

A: Given that the company sold 13,500 subscriptions for $16 each. Total amount collected = 13,500 x $16…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Bjorn for $51 during December 20Y5. These new…

A: Federal Income tax payable = Taxable income * Tax rate

Q: Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a…

A: Formula: Unearned revenue = Revenue collected x (Remaining months in a year / 12 months) Number of…

Q: 2.Hawks Company started selling subscriptions to a semi-annual magazine that is delivered to…

A: Subscription is the amount you pay yearly, It is basically an agreement you make in advance that if…

Q: On August 1, Costco Lubbock collects sells 150,000 one-year family memberships to customers for $45.…

A: Given, Number of memberships = 150,000 Selling price of one year membership = $45

Q: Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new…

A: Current liabilities seem to be a business's short financial commitments that must be paid throughout…

Q: Prepare journal entries to record the following transactions which are independent of each other. 1.…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Carmel of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and…

A: Unearned Subscription Revenue: Unearned Subscription Revenue means money received from the customer…

Q: On January 1, Eastern college received $1,300,000 from its students for the spring semester that it…

A: As per the revenue recognition principle revenue should be recognized when it actually earned by the…

Q: Razan Company has the following information during the month of June 2020: Cash Balance, May 31…

A: Cash budget shows the expenditure and income in cash amount and it does not consider non cash…

Q: Bon Nebo Co. sold 13,000 annual subscriptions of Bjorn for $46 during December 20Y5. These new…

A: Working Note: Total advance received = Annual subscription x Price per subscription  = 13,000 x $46…

Q: ABC Company sells subscriptions to a specialized directory, which is issued semi-annually and…

A: The business organization sometimes receives the advance payments for items or services that will be…

Q: Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine…

A: Unearned Income refers to the income that the company receives before it actually earning the same.…

Q: On March 1, Gonzalez Magazine Company receives annual subscriptions totaling $612,900. The first…

A: Solution: Total amount received for subscription = $612,900

Q: Real Losers, a diet magazine, collected P360,000 in subscription revenue in May. Each subscriber…

A: Answer -   Working - Subscription revenue received for 12 months = $360,000   Subscription revenue…

Q: Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the…

A: Unearned revenue: It is an advance made by the buyer before receiving the product or service. In…

Q: Bon Nebo Co. sold 19,000 annual subscriptions of Magazine 20XX for $60 during December 20Y8. These…

A:

Q: On September 1, Wright Magazine Company receives annual subscriptions totaling $601,500. The first…

A: total months in a year =12

Q: Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the…

A: Total subscription  amount received = Total no. of subscription x Amount per subscription =…

Q: Prepare journal entries that McTavish Ltd needs to record to recognise revenues associated with the…

A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…

Q: Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The…

A: since nothing is mentioned, it is assumed that the question is asking about the preparation of…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.