Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

please help me

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and GST of 5 percent. Nov. 15 Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Dec. 31 Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Required 1. Using the account title Unearned Subscription Revenue, journalize the transactions above. 2. Post the entries to the Unearned Subscription Revenue T-acoount. How much does the Globe and Mail owe the subscriber at December 31, 2020? 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Requirement 1. Using the account title Unearned Subscription Revenue, journalize the transactions above. Oct. 1. Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and 5 percent of GST. (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to the nearest cent.) Journal Entry Date Credit Oct. Nov. 15. Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Make a compound entry. (Round your answers to the nearest cent.) Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input elds and then continue to the next question. Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and GST of 5 percent. Nov. 15 Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Dec. 31 Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Required 1. Using the account title Unearned Subscription Revenue, journalize the transactions above. 2. Post the entries to the Uneamed Subscription Revenue Taccount. How much does the Globe and Mail owe the subscriber at December 31, 2020? 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Nov. 15. Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Make a compound entry. (Round your answers to the nearest cent.) Journal Entry Date Credit Nov. Dec. 31. Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Journal Entry Choose from any list or enter any number in the input elds and then continue to the next question. Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and GST of 5 percent. Nov. 15 Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Dec. 31 Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Required 1. Using the account title Unearned Subscription Revenue, journalize the transactions above. 2. Post the entries to the Unearned Subscription Revenue T-account. How much does the Globe and Mail owe the subscriber at December 31, 2020? 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Requirement 2. Post the entries to the Unearned Subscription Revenue T-account. How much does the Globe and Mail owe the subscriber at December 31, 2020? (If a box is not used in the T-account, A leave the box empty; do not select a label or enter a zero.) Unearned Subscription Revenue Bal. Bal. How much does the G obe and Mail owe the subscriber at December 31, 2020? On December 31, the Globe and Mai owes the subscriber Requirement 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Oct. 1. Sold a six-month subscription, collecting cash of $170 plus HST of 12 percent. (Round your answers to the nearest cent.) Journal Entry Choose from any list or enter any number in the input elds and then continue to the next question. . Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and GST of 5 percent. Nov. 15 Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Dec. 31 Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Required 1. Using the account title Unearned Subscription Revenue, journalize the transactions above. 2. Post the entries to the Unearned Subscription Revenue T-account. How much does the Globe and Mail owe the subscriber at December 31, 2020? 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Requirement 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Oct. 1. Sold a six-month subscription, collecting cash of $170 plus HST of 12 percent. (Round your answers to the nearest cent.) Journal Entry Nov. 15. Remitted (paid) the HST to the Receiver General. (Round your answers to the nearest cent.) Journal Entry Choose from any list or enter any number in the input elds and then continue to the next question, Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and GST of 5 percent. Nov. 15 Remitted (paid) the PST to the Province of Manitoba and the GST to the Receiver General. Dec. 31 Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Required 1. Using the account title Unearned Subscription Revenue, joumalize the transactions above. 2. Post the en ries to the Unearned Subscription Revenue Taccount. How much does the Globe and Mail owe the subscriber at December 31, 2020? 3. How would the entries in Requirement 1 be different if the Globe and Mail were in a different province that uses a 12 percent HST rate? Record the entries. Date Nov. Dec. 31. Made the necessary adjustment at year end to record the amount of subscription revenue earned during the year. Journal Entry Date Dec. Choose from any list or enter any number in the input elds and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones of Financial Accounting

Authors: Jay Rich, Jeff Jones

4th edition

978-1337690881, 9781337669450, 1337690880, 1337690899, 1337669458, 978-1337690898

More Books

Students also viewed these Accounting questions

Question

1. To generate a discussion on the concept of roles

Answered: 1 week ago