Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2017, for $18 each. Prepare Sport Pro’s August 1, 2017, journal entry and the December 31, 2017, annual adjusting entry, assuming the magazines are published anddelivered monthly.
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Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2017, for $18 each. Prepare Sport Pro’s August 1, 2017,
delivered monthly.
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- Adjusting Entries Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2016: Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2016, with interest and principal to be paid at maturity. The asset account Office Supplies on Hand has a balance of $1,280 on March 1, 2016. During March, Kretz adds $750 to the account for purchases during the period. A count of the supplies on hand at the end of March indicates a balance of $1,370. The company purchased office equipment last year for $62,600. The equipment has an estimated useful life of six years and an estimated salvage value of $5,000. The companys plant operates seven days per week with a daily payroll of $950. Wage earners are paid every Sunday. The last day of the month is Thursday, March 31. The company rented an idle warehouse to a neighboring business on February 1, 2016, at a rate of $2,500 per month. On this date, Kretz Corporation credited Rent Collected in Advance for six months rent received in advance. On March 1, 2016, Kretz Corporation credited a liability account, Customer Deposits, for $4,800. This sum represents an amount that a customer paid in advance and that Kretz will earn evenly over a four-month period. Based on its income for the month, Kretz Corporation estimates that federal income taxes for March amount to $3,900. Required For each of the preceding situations, prepare in general journal form the appropriate adjusting entry to be recorded on March 31, 2016.Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018:Splish Brothers publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $20 per year. During November 2021, Splish Brothers sells 16,800 subscriptions beginning with the December issue. Splish Brothers prepares financial statements quarterly and recognizes subscription revenue on magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entry to record the receipt of the subscriptions. Prepare the entry to record the adjusting entry at December 31, 2021, to record the revenue to be recognized in December 2021.
- KKingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 per year. During November 2021, Kingbird sells 18,000 subscriptions beginning with the December issue. Kingbird prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2021, to record revenue to be recognized in December 2021. Prepare the adjusting entry at March 31, 2022, to record revenue to be recognized in the first quarter of 2022Olaf Inc. sells home improvement magazine subscriptions to customers. On September 30, 2020, the company sold 13,500 annual subscriptions for $16 each. Assume that the home improvement magazines are published and delivered on a monthly basis. Determine the entry on December 31, 2020.Kingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 per year. During November 2021, Kingbird sells 18,000 subscriptions beginning with the December issue. Kingbird prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2021, to record revenue to be recognized in December 2021. Prepare the adjusting entry at March 31, 2022, to record revenue to be recognized in the first quarter of 2022
- The Mazzanti Wholesale Food Company’s fiscal year-end is June 30. The company issues quarterly financialstatements requiring the company to prepare adjusting entries at the end of each quarter. Assuming all quarterlyadjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30,2018, for the following situations.1. On December 1, 2017, the company paid its annual fire insurance premium of $6,000 for the year beginningDecember 1.Midwest Manufacturing purchased a three-year insurance policy for $30,000 on January 2, 2015.Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2015, December 31, 2015, and December 31, 2016. Summarize these entries in T-accountsfor Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2,2015, balances in these accounts were $0, $0, $90,000, and $80,000, respectively. Given only theentries for insurance, indicate what amounts would be reported for each of these accounts on thebalance sheet and income statement prepared on December 31, 2015, and December 31, 2016.ASAP Kingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 per year. During November 2021, Kingbird sells 18,000 subscriptions beginning with the December issue. Kingbird prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue. Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2021, to record revenue to be recognized in December 2021. Prepare the adjusting entry at March 31, 2022, to record revenue to be recognized in the first quarter of 2022
- Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $61,000 $51,000 $37,000 $38,000 $46,000Wildhorse Co. Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Wildhorse sells 8,400 subscriptions for cash, beginning with the December issue. Wildhorse 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 December 31 year-end.Prepare the adjusting entry at March 31, 2023, to record subscription revenue in the first quarter of 2023.The Mazzanti Wholesale Food Company’s fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assuming all quarterly adjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30, 2016, for the following situations. 1. On December 1, 2015, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 .2. On August 31, 2015, the company borrowed $80,000 from a local bank. The note requires principal and interest at 8% to be paid on August 31, 2016. 3. Mazzanti owns a warehouse that it rents to another company. On January 1, 2016, Mazzanti collected $24,000 representing rent for the 2016 calendar year. 4. Depreciation on the office building is $20,000 for the fiscal year. 5. Employee salaries and wages for the month of June 2016 of $16,000 will be paid on July 20, 2016.
