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Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Remitted (paid) the sales tax to the state of Tennessee. Oct. 1 Nov. 15 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Dec. 31

Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Remitted (paid) the sales tax to the state of Tennessee. Oct. 1 Nov. 15 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Dec. 31

Intermediate Accounting: Reporting And Analysis
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 3RE: Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that...
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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.

Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Remitted (paid) the sales tax to the state of Tennessee. Oct. 1 Nov. 15 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Dec. 31
Transcribed Image Text:Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Remitted (paid) the sales tax to the state of Tennessee. Oct. 1 Nov. 15 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Dec. 31
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