Ontario Traveller Magazine completed the following transactions during 2017: Aug. 31 Sold one-year subscriptions, collecting cash of

Question:

Ontario Traveller Magazine completed the following transactions during 2017:

Aug. 31 Sold one-year subscriptions, collecting cash of $1,500, plus HST of 13%.

Dec. 31 Remitted (paid) HST to Canada Revenue Agency (CRA).

31 Made the necessary adjustment at year-end.

Journalize these transactions (explanations are not required). Then report any liability on the company's balance sheet at December 31?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...