Recording and reporting current liabilities [10-15 min]
TransWorld Publishing completed the following transactions during 2012:
Oct 1 | Sold a six-month subscription, collecting cash of $330, plus sales tax of 9%. |
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. |
Requirement
1. Journalize the transactions (explanations are not required).
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