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Question 1 Time Traveler Magazine completed the following transactions during 2016: Oct 31: Sold one-year subscriptions, collecting cash of $1,750, plus HST of 13%. Dec
Question 1
Time Traveler Magazine 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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Financial Reporting International Standards
Authors: Graham Eaton
1st Edition
0750662379, 978-0750662376
