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The company collects cash in advance and then mails out the


Lake View Magazine sells subscriptions for $216for 36 issues. The company collects cash in advance and then mails out the magazines to subscribers each month.

Apply the revenue recognition principle to determine

a. when

Lake View Magazine should record revenue for this situation.

b. the amount of revenue Lake View Lake View Magazine should record for FIV five issues

 

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Accounting Basics: The company collects cash in advance and then mails out the
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