ACC231-Wolfe Spring 2018 Homework: HW09 Score: 0.59 of 1 pt & E9-18A (similar to

Question

ACC231-Wolfe Spring 2018 Homework: HW09 Score: 0.59 of 1 pt & E9-18A (similar to) Topic Publishing Company completed the following transactions during 2016 Nov 1 Sold 100 six-month subscriptions, collecting cash of $1,500, plus sales tax of 7%. Dec 15 Remitted the sales tax to the state of Tennessee. Dec 31 Made the necessary adjustment at year-end to record the amount of subscription revenue eamed during the year Read the requirements Date Accounts Debit Credit 5 Sales tax payable 105 Cash 105 Jounalize the necessary adjustment at year-end to record the amount of subscription revenue eamed during the year Journal Entry Debit Credit Date 31 Sfcription revenue Uneamed subscription revenue Choose from any list or enter any number in the input fields and then click Check Answer Clear All

Explanation / Answer

15-Dec Sales tax payable 105        Cash 105 31-Dec Unearned subscription revenue 500 =1500/6*2         Subscription revenue 500

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