Journalize the Following Transactions

question 77

Essay

Journalize the following transactions:
A magazine sells a 12-month magazine subscription for $60 per year. The company has collected cash for 1,200 subscriptions. Record the journal entries for:
Receipt of cash for the subscriptions (Feb 13).
Amount of revenue earned after mailing out 7 months of magazines (Sept 13).

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Definitions:

Winding Up

Winding up is the process of concluding a company's affairs, settling its liabilities, and distributing any remaining assets to the shareholders or owners upon dissolution.

Crane

A type of machinery that is used to lift and move materials and objects in various settings, such as construction sites.

Buyout Price

The agreed-upon amount required to purchase someone's interest in a property, business, or contractual obligation, usually predetermined in a contractual agreement.

Nonwrongfully Dissociated

Pertaining to partners or members leaving an entity like a partnership or limited liability company under conditions that do not violate the agreement or law.