Ocean Blue Publishing completed the following transactions for one subscriber during 2021: ✪ (Click the icon to view the transactions.) Requirement Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2021. (Recor 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 1 Accounts Debit Credit
Ocean Blue Publishing completed the following transactions for one subscriber during 2021: ✪ (Click the icon to view the transactions.) Requirement Journalize these transactions (explanations not required). Then report any liability on the company's balance sheet at December 31, 2021. (Recor 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 1 Accounts Debit Credit
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...
Related questions
Question
attached in ss below thx for help APPRECIATED
JI
JOIJIJ
IJ
OJ
![Ocean Blue Publishing completed the following transactions for one subscriber during 2021:
i (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
Accounts
Date
Oct
Date
Nov
1
Next, journalize the November 15th transaction. Recall Ocean Blue Publishing remitted (paid) the sales tax to the state of North Carolina.
Journal Entry
Accounts
Date
Dec
15
Account
31
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b8a9c89-332c-44cf-8580-55e28ca2a44e%2F80ce018e-dbf3-4a28-98d3-5e005bf3b27b%2Fdhmcgtk_processed.png&w=3840&q=75)
Transcribed Image Text:Ocean Blue Publishing completed the following transactions for one subscriber during 2021:
i (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
Accounts
Date
Oct
Date
Nov
1
Next, journalize the November 15th transaction. Recall Ocean Blue Publishing remitted (paid) the sales tax to the state of North Carolina.
Journal Entry
Accounts
Date
Dec
15
Account
31
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning