O ezto.mheducation.com/hm.tpx value 8.33 points For each of the following indepe
ID: 2410462 • Letter: O
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O ezto.mheducation.com/hm.tpx value 8.33 points For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) a Magnificent Magazines received $12,000 on December 31, 2015, for subscription services related to magazines that will be published and distributed in January through December 2016 b. Walker Window Washing paid $1,200 cash for supplies on December 31, 2015. As of January 31, 2016, $200 of these supplies had been used up c. Indoor Raceway received $3,000 on December 31, 2015, from race participants for providing services for three races. One race is held in January 31, 2016, and the other two will be held in March 2016 View transaction list Journal entry worksheet 6 Record the receipt of $12,000 on December 31, 2015, for subscription services related to magazines that will be published and distributed from January through December 2016. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31 Type here to searcih f4Explanation / Answer
Date General Journal Debit Credit a. Dec. 31 Cash 12000 Unearned revenue 12000 (To record unearned revenue received) Jan. 31 Unearned revenue 1000 Service revenue ($12000 x 1/12) 1000 (To record subscription service revenue earned) b. Dec. 31 Supplies 1200 Cash 1200 (To record supplies purchased for cash) Jan. 31 Supplies expense 200 Supplies 200 (To record supplies expense) c. Dec. 31 Cash 3000 Unearned revenue 3000 (To record unearned revenue received) Jan. 31 Unearned revenue 1000 Service revenue ($3000 x 1/3) 1000 (To record service revenue earned)
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