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Assume Strongs Fitness magazine completed the following transactions during 2019: March 1, 2019: Sold twelve-month subscriptions, collecting cash of $1,800, GST of 5% and PST
Assume Strongs Fitness magazine completed the following transactions during 2019:
March 1, 2019: Sold twelve-month subscriptions, collecting cash of $1,800, GST of 5% and PST of 7%
December 31, 2019: Remitted GST and PST to Canada Revenue Agency
December 31, 2019: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.
Assume Strongs Fitness magazine completed the following transactions during 2019:
March 1, 2019: Sold twelve-month subscriptions, collecting cash of $1,800, GST of 5% and PST of 7%
December 31, 2019: Remitted GST and PST to Canada Revenue Agency
December 31, 2019: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.
Required
Using the account title Unearned Subscription Revenue, journal the transactions above. Explanations are not required.
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Public Sector Accounting And Auditing In Europe The Challenge Of Harmonization
Authors: I. Brusca, E. Caperchione, S. Cohen, F Manes Rossi
2015th Edition
1137461330, 978-1137461339
