Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. united publishing completed the following transact

United Publishing completed the following transactions during 2016. Oct. 1 Sold a six month subscription(...

80.2K

Verified Solution

Question

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).

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!
Become a Member

Other questions asked by students

Q

what period three element has the following ionization energies? (all in kj/mol) IE1=1012, IE2=1900, IE3=2910, IE4=4960, IE5=6270,...

Chemistry
Q

Lycopodium Cycas

Biology
Q

4 Define codon and explain the relationship between the linear sequence of codons on mRNA...

Biology
Q

7 The figure shown is an overhead view of a thin uniform rod of length...

Physics
Q

A simple random sample of size n 40 is drawn from a population The sample...

Statistics
Q

Find the equation for the plane through Po 7 5 2 perpendicular to the following...

Calculus
Q

26 14i 2i 26 14i 2i Simplify your answer Type your answer in the form...

Algebra
Q

Determine which of the rational functions given below has the following feature There is a...

Algebra
Q

Answers only Name: Pe 5. The classified balance sheet...

Accounting
Q

Multiple Choice Question 39 A partnership pays taxes on partnership income. is not an accounting...

Accounting
Q

The student, functioning as a Director of Finance Department in a hospital setting, was approached...

Accounting
Q

Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in...

Accounting