On September 1, 2021, Fortune Magazine sold 480 one-year subscriptions for $76 each. The total amount received was credited to Deferred subscription revenue. What is the required adjusting entry at December 31, 2021?

 On September 1, 2021, Fortune Magazine sold 480 one-year subscriptions for $76 each. The total amount received was credited to Deferred subscription revenue. What is the required adjusting entry at December 31, 2021?

Answer

 

Explanation

 

 Cal Farms reported supplies expense of $1,800,000 this year. The supplies account decreased by $190,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year?

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