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Advance Payments for Goods The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A...

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Accounting

Advance Payments for Goods The Petaluma Daily Times Corporation (CDT) publishes a daily

newspaper. A 52-week subscription sells for $260. Assume that CDT sells 100 subscriptions on

January 1. None of the subscriptions are cancelled as of March 31.

a. Prepare a journal entry to record the receipt of the subscriptions on January 1.

b. Prepare a journal entry to record one week of earned revenue on March 25.

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