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.

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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 1 year ago

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

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