The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows:RevenuesRevenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTTa) collected $420 million in 2018 for magazines that will be distributed later in 2018 and 2019,b) provided $204 million of services on these subscriptions in 2018, andc) provided $216 million of services on these subscriptions in 2019.Required:1) Using the information given, indicate the accounts, amounts, and accounting equation effects of transactions (a), (b), and (c).2) Using the information given, prepare the journal entries that would be recorded for a) , b) and c).
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The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows:...
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