ACCT 2010.010 FALL 2017 Homework: Chapter 9 Homework Save Score: 0 of 1 pt E9-22

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ACCT 2010.010 FALL 2017 Homework: Chapter 9 Homework Save Score: 0 of 1 pt E9-22A (similar to) Tier World Publishing Hw Score: 0%, 0 of 11 pts Question Help the 2016: Oct 1 Nov 15 Dec 31 sold a one-year subscription, collecting cash of $2,100, plus sales tax of 7%. Remitted (paid) the sales tax to the state of North Carolina 1. Joumalize these transactions (explanations not required then credits. Exclude explanations from joumal entries.) Then report any liability on the company's balance sheet at December 31, 2016. Record debits first Start by malizing the October 1st transaction. Recall Tier World Publishing sold a one-year subscription collecting cash of $2.100, plus sales tax of 7%. Date Credit Oct Choose from any list or enter any number in the input fields and then click Check Answer Clear All remaining

Explanation / Answer

01-Oct Cash 2247            Unearned subscription revenue 2100             Sales tax payable 147 (2100*7%) 15-Nov Sales tax payable 147              Cash 147 31-Dec Unearned subscription revenue 525 (2100*3/12)             Subscription revenue 525

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