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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Recording and reporting current liabilities
Watson Publishing completed the following transactions during 2018:
Journalize the transactions (explanations are not required). Round to the nearest dollar.
![Sold a six-month subscription (starting on November 1), collecting cash of
$240, plus sales tax of 8%.
Remitted (paid) the sales tax to the state of Tennessee.
Oct. 1
Nov. 15
Made the necessary adjustment at year-end to record the amount of
subscription revenue earned during the year.
Dec. 31](https://content.bartleby.com/qna-images/question/e49808c6-03fc-43cb-9498-a2704964bfa1/d8f60d2b-944d-4811-ae1b-ad68761c7689/3rbm3p.png)
Transcribed Image Text:Sold a six-month subscription (starting on November 1), collecting cash of
$240, plus sales tax of 8%.
Remitted (paid) the sales tax to the state of Tennessee.
Oct. 1
Nov. 15
Made the necessary adjustment at year-end to record the amount of
subscription revenue earned during the year.
Dec. 31
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