EBK HORNGREN'S ACCOUNTING
12th Edition
ISBN: 9780134487212
Author: MILLER-NOBLES
Publisher: PEARSON CO
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Textbook Question
Chapter 11, Problem E11.16E
Recording and reporting current liabilities
Learning Objective 1
Dec. 31 Subscription Revenue $80
Watson Publishing completed the following transactions during 2018:
| Oct. 1 | Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. |
| Nov. 15 | Remitted (paid) the sales tax to the state of Tennessee. |
| Dec. 31 | Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. |
Journalize the transactions (explanations are not required). Round to the nearest dollar.
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Chapter 11 Solutions
EBK HORNGREN'S ACCOUNTING
Ch. 11 - On January 1, 2018, a business borrowed $18,000 on...Ch. 11 - Prob. 2QCCh. 11 - Prob. 3QCCh. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Prob. 8QCCh. 11 - Prob. 9QCCh. 11 - McDaniel and Associates reported the following...
Ch. 11 - Prob. 1RQCh. 11 - Prob. 2RQCh. 11 - Prob. 3RQCh. 11 - Prob. 4RQCh. 11 - What do short-term notes payable represent?Ch. 11 - 6. Coltrane Company has a $5,000 note payable that...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - Prob. 11RQCh. 11 - Prob. 12RQCh. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Prob. S11.1SECh. 11 - Prob. S11.2SECh. 11 - Prob. S11.3SECh. 11 - Prob. S11.4SECh. 11 - Prob. S11.5SECh. 11 - Prob. S11.6SECh. 11 - Prob. S11.7SECh. 11 - Prob. S11.8SECh. 11 - Prob. S11.9SECh. 11 - Prob. S11.10SECh. 11 - Prob. S11.11SECh. 11 - Prob. S11.12SECh. 11 - Prob. S11.13SECh. 11 - Prob. E11.14ECh. 11 - Prob. E11.15ECh. 11 - Recording and reporting current liabilities...Ch. 11 - Prob. E11.17ECh. 11 - Prob. E11.18ECh. 11 - Prob. E11.19ECh. 11 - Recording employee and employer payroll taxes...Ch. 11 - Accounting for warranty expense and warranty...Ch. 11 - Prob. E11.22ECh. 11 - Prob. E11.23ECh. 11 - Prob. E11.24ECh. 11 - Journalizing and posting liabilities Learning...Ch. 11 - Prob. P11.26APGACh. 11 - Prob. P11.27APGACh. 11 - Prob. P11.28APGACh. 11 - Prob. P11.29APGACh. 11 - Prob. P11.30BPGBCh. 11 - Prob. P11.31BPGBCh. 11 - Prob. P11.32BPGBCh. 11 - Prob. P11.33BPGBCh. 11 - Prob. P11.34BPGBCh. 11 - Prob. P11.35CTCh. 11 - Prob. P11.36CPCh. 11 - Before you begin this assignment, review Tying it...Ch. 11 - Prob. 11.1DCCh. 11 - Prob. 11.2DCCh. 11 - Ethical Issue 11-1 Many small businesses have to...Ch. 11 - Prob. 11.1FSC
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- Quick answer of this accounting questionsarrow_forwardMead Incorporated began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available-for-sale securities. Year 1 January 20 Purchased Johnson & Johnson bonds for $20,500. February 9 Purchased Sony notes for $55,440. June 12 Purchased Mattel bonds for $40,500. December 31 Fair values for debt in the portfolio are Johnson & Johnson, $21,500; Sony, $52,500; and Mattel, $46,350. Year 2 April 15 Sold all of the Johnson & Johnson bonds for $23,500. July 5 Sold all of the Mattel bonds for $35,850. July 22 Purchased Sara Lee notes for $13,500. August 19 Purchased Kodak bonds for $15,300. December 31 Fair values for debt in the portfolio are Kodak, $17,325; Sara Lee, $12,000; and Sony, $60,000. Year 3 February 27 Purchased Microsoft bonds for $160,800. June 21 Sold all of the Sony notes for $57,600. June 30 Purchased Black & Decker bonds for $50,400. August 3 Sold all of the Sara…arrow_forwardWhat is the ending inventory?arrow_forward
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