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Business, 06.12.2021 17:50 cluchmasters3831

The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $600 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $294 million of services on these subscriptions in 2021, and (c) provided $306 million of services on these subscriptions in 2022. Required:
Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c).

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