Explore,a Travel Magazine,collected $500,000 in Subscription Revenue in May

question 28

Essay

Explore,a travel magazine,collected $500,000 in subscription revenue in May.Each subscriber will receive an issue of the magazine for each of the next 12 months,beginning with the June issue.The company uses the accrual method of accounting.Provide the journal entry for collection of cash in May.(Ignore explanation. )Assume the magazine initially records a liability for the subscription revenue.

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Definitions:

Transcription

The process of copying a segment of DNA into RNA, which can be used to produce proteins.

Transcription Factors

Proteins that bind to specific DNA sequences, thereby controlling the rate of transcription of genetic information from DNA to messenger RNA.

Gene Expression

The process by which information from a gene is used in the synthesis of a functional gene product, often proteins, which can affect the phenotype of the organism.

Operon

A group of genes in prokaryotes that are transcribed together and regulated by a single promoter and operator sequence, facilitating coordinated expression of genes with related functions.