Outstanding 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. Excludeexplanations from journal entries.)Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $270, plus sales tax of 5%. (Prepare a singlecompound entry for this transaction.)DateAccounts and ExplanationOct. 1DebitCredit More infoOct. 1Nov. 15Dec. 31Sold a six-month subscription (starting on November 1), collecting cashof $270, plus sales tax of 5%.Remitted (paid) the sales tax to the state of Tennessee.Made the necessary adjustment at year-end to record the amount ofsubscription revenue earned during the year.PrintDone-X

A journal entry is a record of an individual's thoughts, experiences, and observations that are…

Answered: Oct. 1: Sold a six-month subscription…

Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $270, plus sales tax off compound entry for this transaction.) Date Accounts and Explanation Oct. 1 Debit Credit

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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