E9-17A. (Learning Objective 1: Recording and reporting current liabilities) TransWorld Publishing completed the following transactions for one subscriber during 20X0:

Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the company’s Balance Sheet at December 31, 20X0.

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Oct 1 Nov 15 Sold a one-year subscription, collecting cash of $1,500, plus sales tax of 8%. Remitted (paid) the sales tax to the Tianjin Municipality. Dec 31 Made the necessary adjustment at year-end.