Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2020, for $18 each. Prepare Sport Pro’s August 1, 2020, journal entry and the December 31, 2020, annual adjusting entry, assuming the magazines are published and delivered monthly.
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Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2020, for $18 each. Prepare Sport Pro’s August 1, 2020,
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- Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.Olaf 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.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.
- Sheridan Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2020, Sheridan sells 12,000 subscriptions beginning with the December issue. Sheridan 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.Insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. post to a adjusted journal entryOn January 2, 2020, a public company sells machinery for $620,000. The in-store list price on the date of sale is $595,000. The condition for the sale is the customer will pay $104,000 in cash on the date of the sale with the remaining balance on a note face value due in four years. Required Record all 2020 and 2021 journal entries assuming the company follows a calendar year.
- In the prior year TBTI had paid the entire year’s insurance policy upfront which expired as of December 31, 2020. The insurance premium for 2021 is $5,600. TBTI renewed and paid half the 2021 insurance premium on December 21, 2020. what would the journal entry be?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.Blue Inc. has a year-end of June 30. On December 1, 2020, the company signed a 10-month, 5% note receivable for $28,000. The adjusting entry required at year-end is: Question 14 options: DR Interest receivable $1,400 CR Interest income $1,400 DR Interest income $1,167 CR Interest receivable $1,167 DR Interest receivable $817 CR Interest income $817 DR Interest income $117 CR Interest receivable $117
- 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 2022During December 2020, Markowitz Publishing sold 4,500 12-month annual magazine subscriptions at a rate of $20 each. The first issues were mailed in February 2021. Prepare the entries on Markowitz’s books to record the sale of the subscriptions and the mailing of the first issues. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a…Sunland Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $25 per year. During November 2020, Sunland sells 22,500 subscriptions beginning with the December issue. Sunland 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. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and ExplanationDebitCreditNov. 30 Show List of AccountsLink to Text Prepare the adjusting entry at December 31, 2020, to record sales revenue recognized in December 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)