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Required information [The following information applies to the questions displayed below.] The Riesen Publishers (TRP)...

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Accounting

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Required information [The following information applies to the questions displayed below.] The Riesen 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 $530 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $259 million of services on these subscriptions in 2021, and (c) provided $271 million of services on these subscriptions in 2022. 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (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 $530,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Cash Record entry Clear entry View general journal Journal entry worksheet

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