Question
Mills Inc completed the following transactions during 2016: Oct 31: Sold one-year subscriptions, collecting cash of $1,750, plus HST of 13%. Dec 31: Remitted (paid)
Mills Inc completed the following transactions during 2016:
Oct 31: Sold one-year subscriptions, collecting cash of $1,750, plus HST of 13%.
Dec 31: Remitted (paid) HST to Canada Revenue Agency (CRA).
Dec 31: Made the necessary adjustment at year-end.
Journalize these transactions, and then report any liability on the companys balance sheet at December 31st.
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Petroleum Accounting: Principles, Procedures; And Issues
Authors: Dennis Jennings, John Brady, Rich Shappard, Craig Friou
8th Edition
0940966328, 978-0940966321
