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.)

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.)

Date	Accounts and Explanation	Debit	Credit
Oct. 1

Solutions

Expert Solution

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 1 year ago

Next > < Previous

Related Solutions

Journalize the transactions in the Smith Pharmacies general journal. Round to the nearest dollar. Explanations are...

Journalize the transactions in the Smith Pharmacies general journal. Round to the nearest dollar. Explanations are not required. 2. Prepare the liabilities section of the balance sheet for Smith Pharmacies on March 1, 2019 after all the journal entries are recorded Mar. 1 Borrowed $100,000 from Margate Bank. The five-year, 99% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Dec. 1 Mortgaged the warehouse for $300,000 cash with Sandi Bank....

For all payroll calculations, use the following tax rates and round amounts to the nearest cent:...

For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Robinson works at College of Boston and is paid $30 per hour for a 40-hour workweek and time-and-a-half for hours above 40. For all payroll calculations,...

Universal Publishing completed the following transactions during 2018: Journalize the transactions (explanations are not required). Round...

Universal Publishing completed the following transactions during 2018: Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 7%. (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...

Use the transactions below to answer the following questions. Round to the nearest cent for per...

Use the transactions below to answer the following questions. Round to the nearest cent for per unit cost and the nearest dollar for the totals for COGS, Ending Inventory and Gross Profit. Date Quantity Unit Cost Sale Price Mar 1 Beginning Inventory 30 $30 Mar 4 Purchase 40 $28 Mar 8 Sale 35 $54 Mar 15 Purchase 50 $26 Mar 20 Sale 42 $55 Using the LIFO Method for inventory costing calculate the following amounts for the month of March....

1. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first,...

1. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Requirement 1) Dec.1:Murphy Delivery Service began operations by receiving $13,000 cash and a truck with a fair value of $9,000 from Russ Murphy.The business issued Murphy shares of common stock in exchange for this contribution. ----------------------------------------------- Requirement 2) Record each transaction in the journal using the following chart of accounts. Explanations are not required. Cash Retained Earnings...

Please round to the nearest cent for all answers. --------------------------------------------------------------------------------- Compare the monthly payment and total...

Please round to the nearest cent for all answers. --------------------------------------------------------------------------------- Compare the monthly payment and total payment for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $160,000 loan. Option 1: a 30-year loan at an APR of 7.25%. Option 2: a 15-year loan at an APR of 6.8%. ---------------------------------------------------------------- Find the monthly payment for each option. The monthly payment for option 1 iswhat. The monthly payment...

1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2). Enter amounts to the nearest cent if required. Enter all amounts as positive numbers.

Wage and Tax Statement Data on Employer Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare).FICA TaxEhrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the...

PLEASE SHOW ALL WORKING For dollar amounts, give your answer to the nearest cent. For interest...

PLEASE SHOW ALL WORKING For dollar amounts, give your answer to the nearest cent. For interest rates, give our answer as a percentage rounded to 2 decimal places. If any parts of the question use values from earlier parts, use the EXACT values from earlier parts. QUESTION START a) Describe the key feature of a zero-coupon bond. (1 mark) b) “The price of a zero coupon bond should be equal to its face value.” True or false? Explain. c) “The...

The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A...

The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $340,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 5 years. The interest rate on the debt is 10%, compounded semiannually. (b) Find the total amount paid for the purchase.

Required: Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): a. Incurred and paid...

Required: Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): a. Incurred and paid advertising expenses, $3,500. b. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor. Wages will be paid at a later date. c. Purchased raw materials on account, $27,000. d. Used in production: direct materials, $12,000; indirect materials, $5,500 e. Recorded manufacturing overhead: depreciation on plant, $14,000; plant insurance (previously paid), $1,800; plant property tax, $4,500...

Subjects

Question

Journalize the transactions​ (explanations are not​ required). ​(Round all amounts to the nearest cent. Record debits​...

Solutions

Expert Solution

Related Solutions

Journalize the transactions (explanations are not required). (Round all amounts to the nearest cent. Record debits...