sen Publishers is a publisher of magazines. its accounting policy for subscripti

Question

sen Publishers is a publisher of magazines. its accounting policy for subscriptions follows Sale proportionately over the subscription period Revenues s of our magazine subscriptions are deferred (as unearned revenue) and recognized as revenues Assume that Riesen Publishers (a collected $590 million in 2015 for magazines that will be delivered later in 2015 and 2016, and (b) delivered $289 million worth of magazines on these subscriptions in 2015 value 12.50 points Required 1. Using the information given, indicate the accounts, amounts, and accounting equation effecte of transactions (a) and (b). (Enter any decreases to account balances with a minus sign. Enter your answers in whole dollars.) Liabilities

Explanation / Answer

Riesen Publishers

1.

2.

Per Chegg guidelines, please post independent questions separately. Thank you.

Transaction Assets = Liabilities + Stockholders' Equity (a) Cash 590000000 Unearned revenue 590000000 (b) Unearned revenue -289000000 Subscription Revenue 289000000

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