Ivanhoe Publications publishes a golf magazine for women. The magazine sells for $4 a copy on the newsstand. Yearly subscriptions to the magazine cost $45 per year (12 issues). During December 2019, Ivanhoe Publications sells 5,900 copies of the golf magazine at newsstands and receives payment for 7,500 subscriptions for 2020. Financial statements are prepared monthly. Prepare the December 2019 journal entries to record the newsstand sales and subscriptions received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?