Chapter 10 HW .> C | ezto.mheducation.com/hm.tpx E10-6 Determining and Recording

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Chapter 10 HW .> C | ezto.mheducation.com/hm.tpx E10-6 Determining and Recording the Financial Statement Effects of Unearned Subscription Revenue [LO 10-2] The todowing intormation appies to the questions displayed below Riesen Publishers is a publisher of mogozines. Its accounting policy for subscriptions follows: Revenues Sales of our magazine subscriptions are deferred (as uneamed revenue) and recognized as revenues proportionately over the subscription period Assume that Riesen Publishers (al collected $670 million in 2015 for magazines that will be delivered later In 2015 and 2016, and (oj delivered $329 million worth of magazines on these subscriptions in 2015. References Section Break E10-6 Determining and Recording the Financlal Statement Effects of Uneamed Subscription Revenue ILO 10-2] Required information 0.60 points E10-6 Part 1 Required: 1. Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a) and (b). (Enter any decreases to account balances with a minus sign. Enter your answers in whole dollars.) ssets lities O Type here to search 612 PM 11/28/2017

Explanation / Answer

Assets Liabilities Stockholders' Equity a Cash +670 million Unearned revenue +670 million b Unearned revenue -329 million Subscription revenue +329 million

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