Required Information
The following information applles to the questions displayed below.
The Tennis Times TTT 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 TTT a collected $ million in for magazines that will be distributed later in and b provided $ million of services on these subscriptions in and c provided $ million of services on these subscriptions in
Required:
Using the information given, Indicate the accounts, amounts, and accounting equation effects of transactions ab and CEnter any decreases to assets, llabilltes, or stockholders equlty with a minus sign. Enter your answers in whole dollars.
Answer is complete but not entirely correct.
tableTransactionAssets,,Stor,,aCash,Deferred Revenue,bDeferred Revenue,Deferred Revenue,
