TransWorld Publishing Company completed the following transactions during 2010: Requirements 1. Journalize these transactions. Explanations are not

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TransWorld Publishing Company completed the following transactions during 2010: image text in transcribed

Requirements 1. Journalize these transactions. Explanations are not required.
2. What amounts would TransWorld Publishing Company report on the balance sheet at December 31, 2010?

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Financial Accounting

ISBN: 9780136060482

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Authors: Jeffrey Waybright, Robert Kemp

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TransWorld Publishing Company completed the following transactions during 2010: Requirements 1. Journalize these transactions. Explanations are not

Question:

Aug 1 Sold a six-month subscription, collecting cash of $3,000, plus sales tax of 4%. Dec 15 Remitted the sales tax to the state of New York. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.

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Financial Accounting

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