Question

In: Accounting

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 Explanation Debit Credit Nov. 15 Dec. ​31: Made the necessary adjustment at​ year-end to record the amount of subscription revenue earned during the year.

Solutions

Expert Solution

Date General Journal Debit Credit
Oct. 1 Cash $321
Unearned subscription revenue $300
Sales tax payable $21
Nov. 15 Sales tax payable $21
Cash $21
Dec. 31 Unearned subscription revenue $100
Subscription revenue $100

Subscription revenue to be recognized on December 31 = 300 x 2/6

= $100

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

TraderTrader Investments completed the following investment transactions during 2018: Requirement 1. Journalize Trader's investment transactions. Explanations...
TraderTrader Investments completed the following investment transactions during 2018: Requirement 1. Journalize Trader's investment transactions. Explanations are not required. ?(Record debits? first, then credits. Exclude explanations from journal entries. Jan.? 14: Purchased 900 shares of Velcon ?stock, paying $55 per share. The investment represents 2% ownership in Velcon's voting stock. Trader does not have significant influence over Velcon. Trader intends to hold the investment for the indefinite future. Date Accounts Debit Credit Jan. 14 Unrealized Holding Gain—Available-for-Sale 49,500 Cash Aug.?...
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...
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....
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...
Journalize the following selected transactions for July 2018 in a two-column journal. Journal entry explanations may...
Journalize the following selected transactions for July 2018 in a two-column journal. Journal entry explanations may be omitted. July   1 The business received cash from an investor…. in exchange for capital stock, $15,000. 2 Received cash for providing accounting services, $8,000. 3 Billed customers on account for providing services, $4,000. 4 Paid advertising expense, $400. 5 Received cash from customers on account, $3,500. 6 Dividends paid, $1,000 7 Received telephone bill, $100 8 Paid telephone bill, $100.
During November, the following summary transactions were completed. Journalize the November Transactions. Nov. 8 Paid $4,260...
During November, the following summary transactions were completed. Journalize the November Transactions. Nov. 8 Paid $4,260 for salaries due employees, of which $2,220 is for November and $2,040 is for October. 10 Received $2,280 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9,600, terms 2/10, n/30. 12 Sold merchandise on account for $6,600, terms 2/10, n/30. The cost of the merchandise sold was $4,800. 15 Received credit from Dimas Discount Supply...
Murphy Delivery Service completed the following transactions during December 2018
Murphy Delivery Service completed the following transactions during December 2018 Dec.1 Murphy Delivery Service began operations by receiving $ 13,000 cash and Dec. 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.1 Paid $ 600 cash for a six-month insurance policy. The policy begins December 1 .4 Paid $ 750 cash for office supplies.12 Performed delivery services for a customer and received $ 2,200 cash.15....
Murphy Delivery Service completed the following transactions during December 2018:
information on second picture and requirements on firstUse Comprehensive Problem 1 For Chapter 1- 4, found on PART 1 (5 Points): A. Prepare the journal entries for December. B. Prepare the unadjusted trial balance. PART 2 (8 Points) A. Prepare the adjusting entries. B. Prepare the adjusted trial balance. C. Prepare the Income Statement D. Prepare the Retained Earnings Statement.E. Prepare the Balance Sheet. PART 3 (2 Points): A. Prepare the closing entries.B.  Prepare the post-closing trial balance. Murphy Delivery Service completed the following transactions during December 2018: Dec. 1 Murphy Delivery Service...
Murphy Delivery services completed the following transactions during December 2018
Murphy Delivery services completed the following transactions during December 2018       Dec1 Murphy delivery services began operations by receiving $13000 cash and a truck with a fair value of $9000 from Russ Murphy. The business issued Murphy Shares of common stock in exchange for this contribution.Dec 1 Paid $600 cash for six month insurance policy. The policy begins December 1Dec 4 Paid $750 cash for office supplies.Dec 12 Performed delivery services for a customer and received $2200 cash.Dec 15 Completed a large...
During 2018 and 2019, Kale Co. completed the following transactions relating to its bond issue. The...
During 2018 and 2019, Kale Co. completed the following transactions relating to its bond issue. The company’s fiscal year ends on December 31. 2018 Mar. 1 Issued $240,000 of 10 year, 5 percent bonds for $234,000. The semiannual cash payment for interest is due on March 1 and September 1, beginning September 2018. Sept. 1 Recognized interest expense including the amortization of the discount and made the semiannual cash payment for interest. Dec. 31 Recognized accrued interest expense including the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT