Question
Prepare the necessary journal entries for In Face Magazine for the following transactions. Explanations are not required. Do not combine the entries do each one
Prepare the necessary journal entries for In Face Magazine for the following transactions. Explanations are not required. Do not combine the entries do each one separately (Hint 4 entries).
September 1, 2019: Sold one year of subscriptions. Collected $5,400 in cash including GST of 5% and PST of 7%.
December 31, 2019: Remitted GST and PST payments to Canada Revenue Agency.
December 31, 2019: Make the necessary year end adjustment for Unearned Subscription revenues.
Show in format below:
DATE ACCOUNT DEBIT CREDIT
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
10th Edition
0072316373, 978-0072316377
