Crane Company publishes a monthly sports magazine, Fishing Preview. Subscription to the magazine cost $30 per year. During November 2020, Crane sells 25,000 subscriptions beginning with the December issue. Crane prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Prepare the entry in November for the receipt of the subscription

Journal entry

Explanation:

                                  Books of (Limited)

                                      Journal Entry

Date         Account Title and Explanation            Debit         Credit

              Cash / Bank                          A/c  Dr.     $750,000

                To Unearned Subscription A/c                               $750,000

                            (Being Unearned Subscription)

Computation:

Amount of Unearned Subscription =  25,000 × $30

Amount of Unearned Subscription =  %750,000

first, we define the variables:

x: number of years after 1950

f (x): amount of vinyl sold.

then, with the variables defined, we have:

68594 vinyl records were sold in 1958 > f (8) = 68594

91299 vinyl records were sold in 1961 > f (11) = 91299

38720 vinyl records were sold in 1952 > f (2) = 38720

161743 vinyl records were sold in 1967 > f (17) = 161743

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