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On August 1, Gardening Groen Magazine collected cash of $57,000 on future annual subscriptions starting on September 1 Requirements 1
On August 1, Gardening Groen Magazine collected cash of $57,000 on future annual subscriptions starting on September 1 Requirements 1. Joumalize the transaction to record the collection of cash on August 1 2. Joumalize the transaction required at December 31, the magazine' year end, asuming no revenue sured has been recorded (Round adjuntment to the nearnat whole Requirement 1. Journal the transaction to record the collection of oth on August 1. (Record debts first, then credit. Select the explanation on the last line of the journal try table) Accounts and explanation Debit Credit Data
Expert Solution
Date Accounts and Explanation Debit Credit
Aug 1 Cash 57000
Unearned revenue 57000
(To record cash collected)
Dec 31 Unearned revenue 23750
Subscription Revenue 23750
(To record revenues)
From August 1, to Dec 31 there are 5 months worth of subscription issued
Revenue to be recognized for 5 months = (5/12) * 57000 = 23750
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