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Please answer fully! thank you - More info Pu Oct 1 Sold a one-year subscription, collecting cash of $2,200, plus sales tax of 8%. The
Please answer fully! thank you
- More info Pu Oct 1 Sold a one-year subscription, collecting cash of $2,200, plus sales tax of 8%. The subscription will begin on October 1. Nov 15 Remitted (paid) the sales tax to the state of Florida. Dec 31 Made the necessary adjustment at year-end. Start by journalizing the October 1st transaction. Recall Trevor Publishing sold a one-year subscription, collecting cash of $2,200, plus sales tax of 8% Journal Entry Date Accounts Debit Credit Oct Next, journalize the November 15th transaction. Recall Trevor Publishing remitted (paid) the sales tax to the state of Florida. Journal Entry Date Accounts Debit Credit Nov 15 Make the necessary adjustment at year-end, December 31, to record the amount of subscription revenue earned during the year. Journal Entry Date Accounts Debit Credit Dec 31 Report the liability on the company's balance sheet at December 31, 2021. (C field empty; do not enter a label or enter a zero.) Balance Sheet (partial) Account Amount Step by Step Solution
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