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Make journal entry to record one week of earned revenue

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Reference no: EM132733731

Question - The Chicago Daily Times Corporation (CDT) publishes a daily newspaper. A 52-week subscription sells for $209. Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions are cancelled as of March 31.

Required -

a. Make journal entry to record the receipt of the subscriptions on January 1.

b. Make journal entry to record one week of earned revenue on March 25.

Reference no: EM132733731

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