Question: Watson Publishing completed the following transactions during 2018: Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax

Watson Publishing completed the following transactions during 2018:
Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%.
Nov. 15 Remitted (paid) the sales tax to the state of Tennessee.
Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.
Journalize the transactions (explanations are not required). Round to the nearest dollar.

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