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Ocean Blue 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 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 1 Date Nov Accounts 15 Next, journalize the November 15th transaction. Recall Ocean Blue Publishing remitted (paid) the sales tax to the state of North Carolina. Journal Entry Debit Accounts Credit Debit Credit Make the necessary adjustment at year-end, December 31, to record the amount of subscription revenue earned during the year. Journal Entry More info Oct 1 Nov 15 Dec 31 CID 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

Ocean Blue 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 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 1 Date Nov Accounts 15 Next, journalize the November 15th transaction. Recall Ocean Blue Publishing remitted (paid) the sales tax to the state of North Carolina. Journal Entry Debit Accounts Credit Debit Credit Make the necessary adjustment at year-end, December 31, to record the amount of subscription revenue earned during the year. Journal Entry More info Oct 1 Nov 15 Dec 31 CID 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

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

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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
Transcribed Image Text: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
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