TransWorld Publishing completed the following transactions for one subscriber during 2010: Oct 1 Sold a one-year subscription,
Question:
Oct 1 Sold a one-year subscription, collecting cash of $1,400, plus sales tax of 8%.
Nov 15 Remitted (paid) the sales tax to the state of Massachusetts. Made the necessary adjustment Dec 31 at year-end.
Requirement
1. Journalize these transactions (explanations not required). Then report any liability on the company’s balance sheet at December 31, 2010.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2010 Oct 1 ...View the full answer
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Related Book For 
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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