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(Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Oct. 1 Accounts and Explanation Debit Credit Accounts Receivable Cash Sales Tax Expense Sales Tax Payable Subscription Revenue Unearned Revenue More info Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5% Nov. 15 Remitted (paid) the sales tax to the state of Tennessee. Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done

(Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Oct. 1 Accounts and Explanation Debit Credit Accounts Receivable Cash Sales Tax Expense Sales Tax Payable Subscription Revenue Unearned Revenue More info Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5% Nov. 15 Remitted (paid) the sales tax to the state of Tennessee. Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done

FINANCIAL ACCOUNTING
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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Outstanding Publishing completed the following transactions during 2024: (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Oct. 1 Accounts and Explanation Accounts Receivable Cash Sales Tax Expense Sales Tax Payable Subscription Revenue Unearned Revenue Debit Credit More info Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. Nov. 15 Remitted (paid) the sales tax to the state of Tennessee. Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done
Transcribed Image Text:Outstanding Publishing completed the following transactions during 2024: (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. (Prepare a single compound entry for this transaction.) Date Oct. 1 Accounts and Explanation Accounts Receivable Cash Sales Tax Expense Sales Tax Payable Subscription Revenue Unearned Revenue Debit Credit More info Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $360, plus sales tax of 5%. Nov. 15 Remitted (paid) the sales tax to the state of Tennessee. Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done
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