Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642949
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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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
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText - Access Card Package (12th Edition)
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...
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