RJ Magazines Sells Two-Year Magazine Subscriptions for $108 Cash Each

question 3

Essay

RJ Magazines sells two-year magazine subscriptions for $108 cash each.The cost of producing and delivering each magazine is $2.75 paid in cash at the time of delivery.RJ's sales activity for the year follows:
Sales activity
• On January 1,2017,RJ sells 22,000 subscriptions.
• On April 1,2017,RJ sells 5,000 subscriptions.
• On November 1,2017,RJ sells 12,000 subscriptions
RJ delivers the magazines at the end of the month and the year-end is December 31.
Requirements:
a.Prepare journal entries to record the subscription sales during the year.
b.Prepare summary journal entries to record the revenue earned during the year and the related expense.

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Definitions:

Culture of Violence

describes a societal norm that accepts, promotes, or glorifies violence as an acceptable means to resolve conflicts.

Violent Sports Competition

Athletic events that involve a high risk of physical harm or aggressive behavior among participants.

Media Violence

This term denotes the representation of violent or aggressive behavior in various media forms, which is often debated for its potential influence on real-world aggression.

Psychologically Normal

Refers to behavioral, cognitive, and emotional patterns that align with societal norms and expectations, often seen as typical or within the range of average functioning.