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Joumalize the transactions

Joumalize the transactions

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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Ef 435.

Watson 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 $240, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit TT: 259 Oct. 1 Cash Sales Tax Payable Unearned Revenue Nov. 15: Remitted (paid) the sales tax to the s Date Accounts and Exp Nov. 15 More info Oct. 1 KID Nov. 15 Dec. 31 19 240 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. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. - X ck answer
Transcribed Image Text:Watson 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 $240, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit TT: 259 Oct. 1 Cash Sales Tax Payable Unearned Revenue Nov. 15: Remitted (paid) the sales tax to the s Date Accounts and Exp Nov. 15 More info Oct. 1 KID Nov. 15 Dec. 31 19 240 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. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. - X ck answer
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