E-F:11-16 Recording and reporting current liabilities (Learning Objective 1) Watson Publishing completed the following transactions during 2024: Oct. 1 Jm Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Journalize the transactions (explanations are not required). Round to the nearest dollar. Dec. 31 Subscription Revenue $80