Prepare the necessary journal entries for In Face Magazine for the following transactions. Explanations are...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Prepare the necessary journal entries for In Face Magazine for the following transactions. Explanations are not required. Do not combine the entries do each one separately (Hint 4 entries).
September 1, 2019: Sold one year of subscriptions. Collected $5,400 in cash including GST of 5% and PST of 7%.
December 31, 2019: Remitted GST and PST payments to Canada Revenue Agency.
December 31, 2019: Make the necessary year end adjustment for Unearned Subscription revenues.
Show in format below:
DATE ACCOUNT DEBIT CREDIT
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.