Ivanhoe Publications publishes a golf magazine for women. The magazine sells for $4 a copy on the newsstand. Yearly subscriptions to the magazine cost $45 per year (12 issues). During December 2019, Ivanhoe Publications sells 5,900 copies of the golf magazine at newsstands and receives payment for 7,500 subscriptions for 2020. Financial statements are prepared monthly. Prepare the December 2019 journal entries to record the newsstand sales and subscriptions received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Debit Cash with $361,100; credit Newsstand sales revenue with $23,600, and credit Subscription in advance with $337,500.

Explanation:

News stand sales revenue = $4 * 5,900 = $23,600

Subscription received for 2020 = $45 * 7,500 = $337,500

The December 2019 journal entries will be as follows:

Details                                              Dr ($)                 Cr ($)                      

Cash                                               361,100

Newsstand sales revenue                                          23,600

Subscription in advance                                            337,500

To record cash received form newsstand and subscription for 2020    

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