Business, 21.02.2020 19:54 conyabrew82

For each of the following independent situations, prepare journal entries to record the initial transaction on December 31 and the adjustment required on January 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a. Magnificent Magazines received $12,600 on December 31, 2015, for subscription services related to magazines that will be published and distributed in January through December 2016.

b. Walker Window Washing paid $1,260 cash for supplies on December 31, 2015. As of January 31, 2016, $210 of these supplies had been used up.

c. Indoor Raceway received $3,150 on December 31, 2015, from race participants for providing services for three races. One race is held in January 31, 2016, and the other two will be held in March 2016.

1. Record the receipt of $12,600 on December 31, 2015, for subscription services related to magazines that will be published and distributed from January through December 2016.

2. Record the January 31, 2016 adjusting entry for the December 31, 2015 receipt of $12,600 for magazine subscriptions to be published January through December 2016.

3 .Record the payment of $1,260 cash for supplies by Walker Window Washing on December 31, 2015. As of January 31, 2016, $210 of these supplies had been used up.

4. Record the January 31, 2016 adjusting entry for the December 31, 2015 cash payment of $1,260 for supplies. As of January 31, 2016, $210 of these supplies had been used up.

5 .Record the receipt by Indoor Raceway of $3,150 on December 31, 2015, from race participants for providing services for three races. One race is held on January 31, 2016, and the other two will be held in March 2016.

6. Record the January 31, 2016 adjusting entry for the December 31, 2015 receipt of $3,150 from race participants for providing services for three races. One race is held on January 31, 2016 and the other two will be held in March 2016.

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Answer from: wednesdayA

a. Dr Cash 12600

Cr Subscription service income 12600

b. 1. Dr Supplies 1260

Cr Cash 1260

2.Dr Supplies expense 210

Cr Supplies 210

c. 1. Dr Account receivable 3150

Cr Service revenue 3150

2. Dr Cash 3150

Cr Account receivable 3150

1. Dr Cash 12500

Cr Unearned subscription revenue 12500

2. Dr Unearned subscription revenue 12600

Cr Subscription revenue 12600

3. Dr Supplies 1260

Cr Cash 1260

4. Dr Supplies expense 210

Cr Supplies 210

5.Dr Cash 3150

Cr Advance from customer 3150

6.Dr Advance from customer 3150

Cr Service income 3150

Explanation:

1.As revenue was not earned against service.

2.revenue earned against service rendered.

3.Only supplies were purchased on cash.

4.Only 210 of supplies was used out of 1260 that is why we expense it out

5. Only cash was receive against service which was not rendered yet.

6. Service rendered therefore we debited advance from customer and credited income according to matching principle

Answer from: Quest

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

pls mark as brainliest

Answer from: Quest

If its a multiple choice test, then it should be a conservationist.

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