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Publishing Company completed the following transactions during 2016 Oct 1: Sold a six-month subscription (starting...

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Accounting

Publishing Company completed the following transactions during 2016

Oct 1: Sold a six-month subscription (starting on November 1), collecting cash of $300 , plus sales tax of 5 %

Now 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.

Journalize necessary transactions and show your calculations.

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