Test: Chapter 11 Test Time Remalning: 01:10:11 Submit Test s Question: 3 pts 11

Question

Test: Chapter 11 Test Time Remalning: 01:10:11 Submit Test s Question: 3 pts 11 of 15(6completel | This Test: 45 pts possible OnJre 1. Investing Rich Magazie colected cashofS90,000 on future arvustubscriptiora statrg on Aly. 1. Journalize the transaction to record the collection of cash on June 1 2Jeurnstze te transacti n requined at December 31, te magsret yarod, mming nonevenue earned has been recorded oond aamnet to the nearest whole dollar) Requirement 1. Jornakze the transaction to record he doton o ·June 1 Record debits font, then coda, Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun. 1 Choose from any list or enter any number in the input fields and then continue to the next question Activity Detai You have viewed this topic visted Dec 2017 11:20 PM MacBo F2 000 F4 FS 2 3 4 a WERT

Explanation / Answer

1) Collection of cash on June 1:

Journal:

Cash Dr 90000

Unearned Revenue Cr 90000

2) Revenue for 6 months = 90000/2 = 45000

Journal:

Unearned Revenue Dr 45000

Subscription revenue Cr 45000

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