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  3. a new york city daily newspaper called quotmanhattan todayquot charges...

Question: a new york city daily newspaper called quotmanhattan todayquot charges...

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A New York City daily newspaper called Manhattan Today charges an annual subscription fee of $138. Customers prepay their subscriptions and receive 230 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $125 for an annual subscription that also would include a coupon to receive a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $100 per hour. The company estimates that approximately 30% of the coupons will be redeemedPrepare the journal entry to recognize sale of 12 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obligation. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the sale of 12 new subscriptions Note: Enter debits before credits. Transaction General Journal Debit Credit ash Deferred revenue-discount coupon Deferred revenue-subscription 1,500

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