Horse country living publishes a monthly magazine for which a 12-month subscription costs $30. all subscriptions require payment of the full $30 in advance. on august 1, the balance in the subscriptions received in advance account was $40,500. during the month of august, the company sold 900 yearly subscriptions. after the adjusting entry at the end of august, the balance in the subscriptions received in advance account is $60,000.
required
1)identify and analyze the transaction to record the sale of the 900 yearly subscriptions during the month of august
2)identify and adjust the sale on august 31
3)assume that the accountant made the correct entry during august to record the sale of the 900 subscriptions but forgot to make the adjustments on august 31. would net income for august be overstated or understated? explain your answer

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."