Journal Entries: Magnificent Magazines received $12,600 on December 31, 2013, fo
ID: 2420510 • Letter: J
Question
Journal Entries:
Magnificent Magazines received $12,600 on December 31, 2013, for subscriptions to magazines that will be published and distributed in January through December 2014.
Walker Window Washing paid $1,260 cash for supplies on December 31, 2013. As of January 31, 2014, $210 of these supplies had been used up.
Indoor Raceway received $3,150 on December 31, 2013, from race participants for providing services for three races. One race is held January 31, 2014, and the other two will be held in March 2014.
a.Magnificent Magazines received $12,600 on December 31, 2013, for subscriptions to magazines that will be published and distributed in January through December 2014.
b.Walker Window Washing paid $1,260 cash for supplies on December 31, 2013. As of January 31, 2014, $210 of these supplies had been used up.
c.Indoor Raceway received $3,150 on December 31, 2013, from race participants for providing services for three races. One race is held January 31, 2014, and the other two will be held in March 2014.
Explanation / Answer
Date Account titles Debit $ Credit $ 31-12-2013 Cash $ 12,600.00 Advance received $ 12,600.00 31-12-2013 Supplies $ 1,260.00 Cash $ 1,260.00 31-1-2014 Supplies expense $ 210.00 Supplies $ 210.00 31-12-2013 Cash $ 3,150.00 Advance received $ 3,150.00 31-1-2014 Advance received $ 1,050.00 Race revenue $ 1,050.00
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