Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet atattached in ss belowthanksknknnk Ocean Blue Publishing completed the following transactions for one subscriber during 2021:(Click the icon to view the transactions.)Requirement1.Start by journalizing the October 1st transaction. Recall Ocean Blue Publishing sold a one-year subscription, collecting cash of $2,300, plus sales tax of 10%.Journal EntryDateOctJournalize 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.)DateNovDateDec1Next, journalize the November 15th transaction. Recall Ocean Blue Publishing remitted (paid) the sales tax to the state of North Carolina.Journal Entry15AccountAccounts31AccountsDebitMake the necessary adjustment at year-end, December 31, to record the amount of subscription revenue earned during the year.Journal EntryAccountsDebitAmountCreditDebitCreditCreditMore infoOct 1Nov 15Dec 31Report the liability on the company's balance sheet at December 31, 2021. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.)Balance Sheet (partial)Sold a one-year subscription, collecting cash of $2,300, plus sales taxof 10%. The subscription will begin on October 1.Remitted (paid) the sales tax to the state of North Carolina.Made the necessary adjustment at year-end.PrintDoneX

Answer:- Journal entry meaning:- A journal entry is basically a record of the financial…

Answered: Ocean Blue Publishing completed the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at

attached in ss below

thanks

knkn

Ocean Blue Publishing completed the following transactions for one subscriber during 2021:
(Click the icon to view the transactions.)
Requirement
1.
Start by journalizing the October 1st transaction. Recall Ocean Blue Publishing sold a one-year subscription, collecting cash of $2,300, plus sales tax of 10%.
Journal Entry
Date
Oct
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.)
Date
Nov
Date
Dec
1
Next, journalize the November 15th transaction. Recall Ocean Blue Publishing remitted (paid) the sales tax to the state of North Carolina.
Journal Entry
15
Account
Accounts
31
Accounts
Debit
Make the necessary adjustment at year-end, December 31, to record the amount of subscription revenue earned during the year.
Journal Entry
Accounts
Debit
Amount
Credit
Debit
Credit
Credit
More info
Oct 1
Nov 15
Dec 31
Report the liability on the company's balance sheet at December 31, 2021. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.)
Balance Sheet (partial)
Sold a one-year subscription, collecting cash of $2,300, plus sales tax
of 10%. The subscription will begin on October 1.
Remitted (paid) the sales tax to the state of North Carolina.
Made the necessary adjustment at year-end.
Print
Done
X

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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