Crane Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $15 per year. During November 2017, Crane sells 12,480 subscriptions for cash, beginning with the December issue. Crane 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.
Required:
1. 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.)
2. Prepare the adjusting entry at December 31, 2017, to record subscription revenue in December 2017.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Crane Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $15 per year. During November ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
On December 31, Strike Company traded in one of its batting cages for another one that has a cost of $538,160. Strike receives a trade-in allowance of $31,185.
Answers (1)
On October 1, Year 1, Gold Co. borrowed $900,000 to be repaid in three equal, annual installments. The note payable bears interest at 5% annually. Gold paid the first installment of $300,000 plus interest on September 30, Year 2.
Answers (1)
TransWave International is a company that markets patented electronic sensors as an early warning device for locating potential problems with buried pipelines.
Answers (1)
Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $311,000 $276,000 Work in process 214,400 238,400 Finished goods 163,400 190,000 January 31 Direct labor $560,000
Answers (1)
Suppose that real GDP equals potential GDP, but the government believes that the economy is in a below full-employment equilibrium. As a result, the government increases its expenditure on goods and services.
Answers (1)
New Questions in Business
Which of the following are characteristics of public goods? Choose one or more: A. Public goods generally have a small value to society. B. The quality of public goods does not diminish when multiple people consume them. C.
Answers (1)
On July 1, 2021, Rents-A-Lot Inc. paid $72,000 for 36 months of advance rent on its warehouse. What would be the amount of rent expense in the 2022 financial statements for Rents-A-Lot under both cash - basis and accrual-basis accounting?
Answers (1)
All the members of the sales team at Arkema are new hires. The team members need to work together to ensure that clients' requirements are fulfilled, and weekly targets set by the company are adequately met.
Answers (1)
After 9/11, the demand for air travel fell substantially, bringing the airline industry to its knees. Congress wanted to compensate the airlines for losses but there was a great debate over how much money was at stake.
Answers (1)
The company sponsors a two-day training meeting for managers and there is a one-hour session on how personality affects employee performance.
Answers (1)