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In: Accounting

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 2 years ago
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