E11-3 Assume The Dallas Morning News publishing company completed the following transactions during 20x1: Nov. 1 Sold

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E11-3 Assume The Dallas Morning News publishing company completed the following transactions during 20x1: Nov. 1 Sold a six-month subscription, collecting cash of $120, plus sales tax of 5%. Dec. 15 Remitted (paid) the sales tax to the state of Texas. 31 Required Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Journalize these transactions (explanations are not required). Then report the liability on the company's balance sheet at December 31, 20X1.

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Accounting

ISBN: 9780130906991

5th Edition

Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones

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