Question: Stone Publishing completed the following transactions for one subscriber during 2014: Oct 1 Sold a one-year subscription, collecting cash of $2,200, plus sales tax of

Stone Publishing completed the following transactions for one subscriber during 2014:
Oct 1 Sold a one-year subscription, collecting cash of $2,200, plus sales tax of 7%.
Nov 15 Remitted (paid) the sales tax to the state of Massachusetts.
Dec 31 Made the necessary adjustment at year-end.

Requirement
1. Journalize these transactions (explanations not required). Then report any liability on the company’s at December 31, 2014.

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