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Required Information [The following information applies to the questions displayed below.] The...

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Accounting

Required Information
[The following information applies to the questions displayed below.]
The Rlesen Publishers (TRP) Is a publisher of magazines. Its accounting policy for subscriptions follows:
Revenues
Revenues from our magazine subscription services are deferred initially and later
recognized as revenue as subscription services are provided.
Assume TRP (a) collected $610 million In 2021 for magazines that will be distributed later in 2021 and 2022,(b) provided
$299 million of services on these subscriptions in 2021, and (C) provided $311 million of services on these subscriptions in
Using the information given, prepare the journal entrles that would be recorded for (a),(b), and (c).(If no entry is required for a
transaction/event, select "No Journal Entry Requlred" In the first account field. Enter your answers In whole dollars.)
Journal entry worksheet
Record the collection of $610,000,000 for magazine subscriptions to be
delivered later in 2021 and 2022.
Note: Enter debits before credits.
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