Carmel of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events. Subscribers pay for subscriptions either one year or two years in advance. Cash received from subscribers is credited to an account called Magazine Subscriptions Received in Advance. On December 31, 2014, the end of the company’s fiscal year, the balance of this account is $840,000. Expiration of subscriptions revenue is as follows. During 2014- $175,000 During 201- $5415,000 During 2016- $250,000 Prepare the adjusting entry for December 31, 2014.

Carmel of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events. Subscribers pay for subscriptions either one year or two years in advance. Cash received from subscribers is credited to an account called Magazine Subscriptions Received in Advance. On December 31, 2014, the end of the company’s fiscal year, the balance of this account is $840,000. Expiration of subscriptions revenue is as follows. During 2014- $175,000 During 201- $5415,000 During 2016- $250,000 Prepare the adjusting entry for December 31, 2014.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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