Centennial Publishing completed the following transactions for one subscriber during 2021: Requirement Journalize these transactions (explanations not
Question:
Centennial Publishing completed the following transactions for one subscriber during 2021:
Requirement
Journalize these transactions (explanations not required). Then report any liability on the company’s balance sheet at December 31, 2021.
Transcribed Image Text:
Oct 1 Nov 15 Dec 31 Sold a one-year subscription, collecting cash of $2,100, plus sales tax of 6%. The subscription will begin on October 1. Remitted (paid) the sales tax to the state of Nebraska. Made the necessary adjustment at year-end.
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