Food TV Company typically sells subscriptions on an annual basis, and publishes six times a year....

Food TV Company typically sells subscriptions on an annual basis, and publishes six times a year. The magazines sells 100,000 subscriptions in January 2019 at $45 each.

A) Prepare the January journal entry for the 100,000 subscription sold.

B) Prepare the journal entry for the issue on February, 2019.

Expert Solution

Transaction	Date	General journal	Debit	Credit
A	Jan-01	Cash	$ 4,500,000
		Unearned subscription revenue		$ 4,500,000
		(To record receipt of subscription in advance)

B	Feb-28	Unearned subscription revenue	$ 750,000
		Subscription revenue		$ 750,000
		(To record subscription revenue earned)

1/6th revenue will be recorded at the end of February.

ekkarill92 answered 3 years ago

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