Bookmarks ESCI 111 Quiz 10 F 10 HW Question 15 (of 15) E10-6 Determining and Rec

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Bookmarks ESCI 111 Quiz 10 F 10 HW Question 15 (of 15) E10-6 Determining and Recording the Financial Statement Effects of Unearned The following information applies to the questions displayed below) Riesen Publishers 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 Riesen Publishers (a) collected $670 million in 2015 for magazines that wll be delivered later n 2015 and 2016, and (b) delivered $329 million worth of magazines on these subscriptions in 2015 References E10-6 Determining and Recording the Financial Statement Effects of Unearned Subscription Revenue [LO 10-2) Section Break value: 0.60 points E10-6 Part 1

Explanation / Answer

Assets Liabilities Stockholders' Equity a Cash 670 Unearned revenue 670 No effect NE b No effect NE Unearned revenue -329 Subscription revenue 329

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