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Journalize the transactions (explanations are not required). (Round all amounts to the nearest cent. Record debits...
Journalize the transactions (explanations are not required). (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.)
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Trevor Publishing completed the following transactions during 2016 Oct 1 Sold a six-month subscription (starting on November 1), collecting cash of $390 , plus sales tax of 4 % 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. Sold a six-month subscription (starting on November 1), collecting cash of $390 plus sales tax of 4%. (Prepare a single compound entry for this transaction.)
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| Journal entries | |||||
| date | Particulars | Debit | Credit | ||
| 01-Oct | Cash | 406 | |||
| unearned revenue | 390 | ||||
| sale tax payable (390*4%) | 16 | ||||
| (to record unearned revenue & sale tax) | |||||
| 15-Nov | Sale tax payable | 15.6 | |||
| cash | 15.6 | ||||
| (to record cash payment for sale tax) | |||||
| 31-Dec | Unearned revenue (390*2/6) | 130 | |||
| subscription revenue | 130 | ||||
| (to record subscription revenue earned) | |||||
ekkarill92 answered 3 years agoRelated Solutions
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