50.1K

Verified Solution

Link Copied!

Required information [The following information applies to the questions displayed below) The Tennis Times (TTT) 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 TTT (6) collected $650 million in 2018 for magazines that will be distributed later in 2018 and 2019. () provided $319 million of services on these subscriptions in 2018, and (a provided $331 million of services on these subscriptions in 2019 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (q. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in whole dollars.) Journal entry worksheet 1 2. 3 Record the collection of $650,000,000 for magazine subscriptions to be delivered later in 2018 and 2019. Note: Enter debits before credits. Debit Credit Date General Journal 2018 View general journal Clear entry Record entry Required information Journal entry worksheet Book Hint Record the service revenue of $319,000,000 earned in 2018. Print erences Note: Enter debits before credits Date General Journal Debit Credit 2018 Record entry Clear entry View general journal Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer