Publishing completed the following transactions during 2018 Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $540, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 Nov. 15: Remitted (paid) the sales tax to the state of Tennessee. Date Accounts and Explanation Debit Credit Nov. 15 Dec. 31: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Date Accounts and Explanation Debit Credit Dec. 31

Publishing completed the following transactions during 2018 Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $540, plus sales tax of 8%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 Nov. 15: Remitted (paid) the sales tax to the state of Tennessee. Date Accounts and Explanation Debit Credit Nov. 15 Dec. 31: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Date Accounts and Explanation Debit Credit Dec. 31

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Recording and reporting current liabilities Watson Publishing completed the following transactions during 2018: Journalize the transactions (explanations are not required). Round to the nearest dollar.
How to do this, please explain. Thank you.
Replace all taxes given in the question with HST of 13%
Help me selecting the right answer. Thank you
On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
On November 7, Mura Company borrows $240,000 cash by signing a 90-day, 11%, $240,000 note payable. 1. Compute the accrued interest payable on December 31. 2. & 3. Prepare the journal entries to record the accrued interest expense at December 31 and payment of the note at maturity on February 5. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Compute the accrued interest payable on December 31. (Use 360 days a year. Do not round your intermediate calculations.) Principal x Rate (%) x Time = Interest Total through maturity Year end interest accrual Interest recognized February 5 % % %
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
ABC lends Evergreen Inc. $40,000 on June 1, accepting a four-month, 6% interest note. ABC prepares financial statement on June 30. Which of the following represents correct adjusting entry pertaining this promissory note? O Debit Note Receivable $40,000 O Credit Interest Revenue $600 debit Interest Receivable $200 O Debit Cash $600
1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long -term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
Help within 10 mins