Question

Trans-World Publishing Company completed the following transactions during 2014:
Aug 1 Sold a six-month subscription, collecting cash of $3,000, plus sales tax of 4%.
Dec 15 Remitted the sales tax to the provincial tax authority.
31 Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year.
Requirements
1. Journalize these transactions. Explanations are not required.
2. What amounts would Trans-World Publishing Company report on the balance sheet at December 31, 2014?


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  • CreatedJuly 08, 2015
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