Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. - X

Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. - X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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Question

Outstanding Publishing completed the following transactions during 2024:
i (Click the icon to view the transactions.)
Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.)
Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.)
Credit
Date
Accounts and Explanation
Debit
Oct. 1
More info
Oct. 1
Nov. 15
Dec. 31
Sold a six-month subscription (starting on November 1), collecting cash
of $300, plus sales tax of 4%.
Remitted (paid) the sales tax to the state of Tennessee.
Made the necessary adjustment at year-end to record the amount of
subscription revenue earned during the year.
Print
Done
X

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