User Account

All Pages

Prepare the entry in november for the receipt

Assignment Help Accounting Basics
Reference no: EM131129013

1. Guyer Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2010, Guyer sells 12,000 subscriptions beginning with the December issue. Guyer prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscriptions and Subscription Revenue. 

Instructions

(a) Prepare the entry in November for the receipt of the subscriptions.

(b) Prepare the adjusting entry at December 31, 2010, to record subscription revenue earned in December 2010.

(c) Prepare the adjusting entry at March 31, 2011, to record subscription revenue earned in the first quarter of 2011.

Reference no: EM131129013

Questions Cloud

How should the company account for this lawsuit : Assume instead that at December 31, 2010, Brad Hoey's attorneys feel it is probable that Brad Hoey will lose the lawsuit, and be required to pay $1,000,000. How should the company account for this lawsuit?
Prepare the journal entries to record the estimated : Prepare the journal entries to record the estimated liability for warranties and the costs incurred in honoring 1,000 warranty claims. (Assume actual costs of $20,000.)
External factors during the risk management process : How would you recommend that companies or even project managers deal with external factors during the risk management process? Consider at what point they should be discussed and how often and by whom.
Why is important to maintain certain level of professional : Why is important to maintain a certain level of professionalism when doing consulting work? Do you believe that only one error in professionalism or ethics can damage your reputation as a consultant? Why or why not?
Prepare the entry in november for the receipt : Prepare the adjusting entry at March 31, 2011, to record subscription revenue earned in the first quarter of 2011.
Should be applicable to businesses in product liability case : Discuss the concept of strict liability. Should this be applicable to businesses in product liability cases? Is this fair? What if a business is extremely cautious and yet a person is injured by the product. Why would it make sense to hold the busine..
Rivera company does not segregate sales and sales taxes : Rivera Company does not segregate sales and sales taxes. Its register total for April 15 is $23,540, which includes a 7% sales tax.
What was the total financing cost : Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30.
What is estimated effective gross income : You are considering the purchase of an office building for $1.5 million today. Your expectations include the following: first-year potential gross income of $340,000; vacancy and collection losses equal to 15 percent of potential gross income;

Reviews

Write a Review

Accounting Basics Questions & Answers

  Computing the proper earnings

During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Compute the proper earnings per share for 2010.

  Barton corporation has provided the budgeting information

barton corporation has provided the budgeting information for you to determine its expected bonus payments. bartons

  What was the january 1 balance of supplies

What was the January 1 balance of Supplies?

  Basics of governmental fund financial statements

January $25,000; March, $5,000. For the fiscal year ended 12/31/08, what amount should be recognized as property tax revenues related to the 2007 levy on the governmental fund financial statements?

  Budgeting and benchmarking for a start-up

For this assignment, you will decide what type of budget to implement for a start-up company. Also, use the Internet to research one (1) manufacturing company that is in the same industry.

  Business writing is formal or informal

As you think through this question also keep in mind how we talk differently than we write. When formatting business writing do you think the majority of business writing is formal or informal

  Round computations to the nearest dollar

For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. Round computations to the nearest dollar.

  What characteristics distinguish nfpo

What characteristics distinguish NFPO from for- profit organizations? What characteristics distinguish government organizations from NFPO?

  On december 31 2012 alexander company had 1296800 of

on december 31 2012 alexander company had 1296800 of short-term debt in the form of notes payable due february 2 2013.

  Calculate the value to be assigned to the bonds

Love & Co. issues bonds with a face value of $50,000 for $51,000. Each $1,000 bond carries 10 warrants, and each warrant allows the holder to acquire one share of $1 par common stock for $40 per share.

  Find a line item listed on either the income statement or

find a line item listed on either the income statement or balance sheet of nike inc. that would indicate an adjusting

  How can we eliminate stereotypes in society

1.Name several stereotypes that you have heard or believe. How can we eliminate stereotypes in society?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd