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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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

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