Homework Help is Here – Start Your Trial Now!
Business
Accounting
More info Oct 1 Nov 15 Dec 31 Sold a one-year subscription, collecting cash of $2,000, plus sales tax of 10%. The subscription will begin on October 1. Remitted (paid) the sales tax to the state of Texas. Made the necessary adjustment at year-end. - X

More info Oct 1 Nov 15 Dec 31 Sold a one-year subscription, collecting cash of $2,000, plus sales tax of 10%. The subscription will begin on October 1. Remitted (paid) the sales tax to the state of Texas. Made the necessary adjustment at year-end. - X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

am. 251.

malizing the 1 Cash Unear More info Oct 1 Nov 15 Dec 31 Print GRIED Sold a one-year subscription, collecting cash of $2,000, plus sales tax of 10%. The subscription will begin on October 1.. Remitted (paid) the sales tax to the state of Texas. Made the necessary adjustment at year-end. Done - X 00, plus sales tax of 10%.
Transcribed Image Text:malizing the 1 Cash Unear More info Oct 1 Nov 15 Dec 31 Print GRIED Sold a one-year subscription, collecting cash of $2,000, plus sales tax of 10%. The subscription will begin on October 1.. Remitted (paid) the sales tax to the state of Texas. Made the necessary adjustment at year-end. Done - X 00, plus sales tax of 10%.
Tropical Publishing completed the following transactions for one subscriber during 2021: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2021. (Record debits first, then credits. Exclude explanations from journal entries.) Start by joumalizing the October 1st transaction. Recall Tropical Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 10% Journal Entry Date Oct Accounts 1 Cash Unearned Subscription Revenue Debit 2200 CHELLE Credit
Transcribed Image Text:Tropical Publishing completed the following transactions for one subscriber during 2021: (Click the icon to view the transactions.) Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2021. (Record debits first, then credits. Exclude explanations from journal entries.) Start by joumalizing the October 1st transaction. Recall Tropical Publishing sold a one-year subscription, collecting cash of $2,000, plus sales tax of 10% Journal Entry Date Oct Accounts 1 Cash Unearned Subscription Revenue Debit 2200 CHELLE Credit
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS