Sprague Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2012, Sprague sells 6,300 subscriptions for cash, beginning with the December issue. Sprague prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Sales Revenue and Sales Revenue. The company has a December 31 year-end.
Instructions
(a) Prepare the entry in November for the receipt of the subscriptions.
(b) Prepare the adjusting entry at December 31, 2012, to record subscription revenue earned in December 2012.
(c) Prepare the adjusting entry at March 31, 2013, to record subscription revenue earned in the first quarter of 2013.
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