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solve all requirements United Publishing completed the following transactions during 2014: Oct . 1 Sold a six-month subscription (starting on November 1), collecting cash of
solve all requirements
United Publishing completed the following transactions during 2014: Oct . 1 Sold a six-month subscription (starting on November 1), collecting cash of $510, plus sales tax of 4%. 15 Remitted (paid) the sales tax to the state of Tennessee 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Dec Journalize the transactions (explanations are not required). (Round all amounts to the nearest cent. Record debits first, then credits.) Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $510, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Debit Credit Oct. 1 Nov. 15: Remitted (paid) the sales tax to the state of Tennessee. Date Accounts and Explanation Debit Credit Nov. 15 Dec. 31: Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Date Accounts and Explanation Debit Credit Dec. 31Step by Step Solution
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