Kingbird Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $27 per year. During November 2019, Kingbird sells 26,976 subscriptions beginning with the December issue. Kingbird 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.
a. Prepare the entry in November for the receipt of the subscriptions
b. Prepare the adjusting entry on December 31, 2019, to record sales revenue recognized in December 2019.
c. Prepare the adjusting entry on March 31, 2020, to record sales revenue recognized in the first quarter of 2020.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Kingbird Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $27 per year. During November ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A graduated payment mortgage allows the buyer to ___. a. have fixed monthly payments c. have low initial payments b. have a flexible interest rate d. not have a downpayment
Answers (1)
Question 451 pts In the Freyfogle Company, land decreased $75,000 because of a cash sale for $75,000, the equipment account increased $20,000 as a result of a cash purchase, and Bonds Payable increased $70,000 from an issuance for cash at face value.
Answers (1)
Select all that apply. Careers in the Architecture & Construction Career Cluster include: fashion designer 3-D animator drywall finisher carpenter
Answers (2)
Ramesh borrowed money from the bank to purchase a car. In addition to paying back the borrowed funds, what else does he owe the bank? A) Principal B) Interest C) Reserves D) Credit
Answers (1)
Think about something that you want to buy. Explain the steps you would need to take in order to buy that item. How long do you think it would take for you save for it based on your budgeting knowledge?
Answers (1)
New Questions in Business
Jim and kathy have a contract with a term that is not clear. kathy and jim both have a different interpretation of the contract. if kathy wrote the contract, a court will
Answers (1)
What is a great marketing strategy
Answers (2)
On January 1, 20X8, Package Company acquired 80 percent of Stamp Company's common stock for $280,000 cash.
Answers (1)
Tombert Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred.
Answers (1)
Suppose that cookie producers create a positive externality equal to $2 per dozen. What is the relationship between the equilibrium quantity and the socially optimal quantity of cookies to be produced? a. They are equal. b.
Answers (1)