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Indicate the accounts amounts and accounting equation effect

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Reference no: EM13868027

CondNast is a publisher of magazines. Its accounting policy for subscriptions follows:

Revenues

Sales of our magazine subscriptions are deferred (as unearned revenue) and recognized as revenues proportionately over the subscription period.

Assume that CondNast (a) collected $ 420 million in 2015 for magazines that will be delivered later in 2015 and 2016, and (b) delivered $ 204 million worth of magazines on these subscriptions in 2015.

Required:

1. Using the information given, indicate the accounts, amounts, and accounting equation effects (1 for increase, 2 for decrease, and NE for no effect) of transactions (a) and (b).

2. Using the information given, prepare the journal entries that would be recorded in 2015 and 2016.

Reference no: EM13868027

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