United Publishing completed the following transactions during 2016. Oct. 1 Sold a six month subscription(...
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Accounting
United Publishing completed the following transactions during 2016.
Oct. 1 Sold a six month subscription( starting on November 1), collecting cashlf 360, plus sales tax of 7%.
Nov.15 Remitted (paid) the sales tax to the state of Tennesse.
Dec. 31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.
Journalize the transactions(explanations are not required). (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.)
Oct 1: Sold a six month subscription(starting on November 1), collecting cash of $360, plus sales tax of 7% (Prepare a single compound entry for this transaction).
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