StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Subscription Revenue of Walter - Essay Example

Cite this document
Summary
This essay "Subscription Revenue of Walter" focuses on Walter which has sold 6000 subscriptions beginning with the December issue. That means the subscription is for the period from December 2007 to November 2008 issues. Assuming the cost of each subscription is ₤10 for one year. …
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.2% of users find it useful
Subscription Revenue of Walter
Read Text Preview

Extract of sample "Subscription Revenue of Walter"

Accounting 110 a) Entry in November 2007 During 2007 Walter has sold 6000 subscriptions beginning with the December issue. That means the subscription is for the period from December 2007 to November 2008 issues. Assuming the cost of each subscription is ₤10 for one year. Then the subscription received in advance for December 2007 is ₤5000 and for the period from January 2008 to November 2008 is₤55000. Accordingly in November 2007, the following journal entry will be passed Dr CrCash 60000 Advance Subscription (2007) 5000 Advance Subscription (2008) 55000 It may be noted that at the year ending December 2007, the subscription earned will be ₤5000 only with regard to this November 2007 transaction. b) Adjusting Entry in December 2008 for revenue earned in December 2007Passing an adjustment entry on December 31, 2008, for revenue earned in 2007 means revenue for 2007 was not recognized in December 2007 and it was wrongly treated as ‘unearned subscription revenue’.

It may be noted that the revenue considered here is of subscriptions received in November 2007 and not for the entire year of 2007. Accordingly, the adjusting entry on December 31, 2008, to record subscriptions earned in December 2007 will be as under: Dr. Cr Unearned Subscription Revenue 5000Retained Earnings (Subscription Revenue) 5000c) Adjusting Entry at March 31, 2008, For the quarter ending the unearned subscription revenue will for the quarter ending with March 31, 2008. Accordingly, the journal entry to be passed on March 31, 2008, will be as under: Dr. Cr.

Advance Subscription (2008) 20000 Unearned Subscription Revenue 20000It may be noted that entry for subscription earned will be passed only after November 30, 2008.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Accounting 110 Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1554374-accounting-110
(Accounting 110 Essay Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/miscellaneous/1554374-accounting-110.
“Accounting 110 Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/miscellaneous/1554374-accounting-110.
  • Cited: 0 times

CHECK THESE SAMPLES OF Subscription Revenue of Walter

Launching the Professor of Plumbing Application

This will increase sales; the monthly and annual subscriptions are intended to increase the revenue base from the sales of this application greatly.... The improved features that will be enhanced during development and advancement of this application will ensure that the application delivers maximum value to customers, and this will increase the revenue greatly as more customers download the application to experience these benefits....
7 Pages (1750 words) Case Study

Marketing Plan

The company's total revenue increased from 1.... billion in 2010 representing a 16 percent increase in revenue.... Viewers will subscribe to the service and depending on the duration of their subscription will access various contents and channels that will be streamed directly to their home Television or PC as long as they are connected to the internet....
9 Pages (2250 words) Research Paper

Distributed Database

he questions identified encompass business processes related to new subscriber acquisition, demographic household maintenance, subscriber account maintenance, subscription marketing, and customer list profiling. ... Given that the ActiveWear Traders Clothing Australia has a Headquarters in Brisbane (BRISHQ), and warehouses in both Brisbane (BRISWH) and Melbourne (MELWH) with more than 60 retail stores across the country. ...
12 Pages (3000 words) Essay

Growing Revenue and Operating Income In The Near Future

The paper 'Growing revenue and Operating Income In The Near Future' discusses some of the future growth strategies that the company is planning on adopting so as to improve its revenues and operating income.... edia Works NBCU is making plans of increasing spending on cable networks since the projected revenue earnings for the company are expected to grow at an average of 7 per cent....
2 Pages (500 words) Research Paper

Australian Media Industry Analysis

From the paper "Australian Media Industry Analysis" it is clear that the advertising revenue has both increased for the free-to-air television and radio in the last few years.... We still expect however that radio is affected by the development of MP3 players, and the availability of music online....
8 Pages (2000 words) Case Study

Market Plan: Launching the Professor of Plumbing Application

This will increase sales; the monthly and annual subscriptions are intended to increase the revenue base from the sales of this application greatly.... The improved features that will be enhanced during development and advancement of this application will ensure that the application delivers maximum value to customers, and this will increase the revenue greatly as more customers download the application to experience these benefits....
7 Pages (1750 words) Business Plan

Accounting for Virtual Assets

The paper "Accounting for Virtual Assets" is an impressive example of a Finance & Accounting essay.... Generally speaking, virtual items are digital representations of objects whether real or imaginary that is created and used only with virtual worlds and other social media applications.... ... n other words, they are images that look and act like real things though they are not real (Rankin, et al....
11 Pages (2750 words) Essay

Greenhorn Club and Hotel - Excess Contributions Tax

The paper "Greenhorn Club and Hotel - Excess Contributions Tax" is a perfect example of a finance and accounting case study.... Greenhorn club and the hotel is an incorporation that was started in the year 1999 under the Australian Association Incorporation Act (Australian Govenment, 2012).... The incorporation is a profit-making institution that is situated in Sydney....
6 Pages (1500 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us