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
Answer & Explanation
Solved by verified expert
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!
