Question: TransWorld Publishing completed the following transactions for one subscriber during 2010: Oct 1 Sold a one-year subscription, collecting cash of $1,400, plus sales tax of

TransWorld Publishing completed the following transactions for one subscriber during 2010:
Oct 1 Sold a one-year subscription, collecting cash of $1,400, plus sales tax of 8%.
Nov 15 Remitted (paid) the sales tax to the state of Massachusetts. Made the necessary adjustment Dec 31 at year-end.

Requirement
1. Journalize these transactions (explanations not required). Then report any liability on the company’s balance sheet at December 31, 2010.

Step by Step Solution

★★★★★

3.46 Rating (169 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2010 Oct 1 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

196-B-A-L (2240).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Travis Publishing completed the following transactions for one subscriber during 2018: Oct 1 ................ Sold a one-year subscription, collecting cash of $1,800, plus sales tax of 10%. The...

Centennial Publishing completed the following transactions for one subscriber during 2018: Oct 1 .............. Sold a one-year subscription, collecting cash of $2,100, plus sales tax of 6%. The...

Wortham Publishing completed the following transactions for one subscriber during 2014: Oct 1 Sold a one-year subscription, collecting cash of $1,800, plus sales tax of 9%. Nov 15 Remitted (paid) the...

Publishing completed the following transactions for one subscriber during 2021: Oct 1 Sold a one-year subscription, collecting cash of $1,800, plus sales tax of 10%. Nov 15 The subscription will...

Publishing completed the following transactions for one subscriber during 2021: Oct 1 Sold a one-year subscription, collecting cash of $1,800, plus sales tax of 10%. The subscription will begin on...

please assist & if possible explain E8-16A. (Learning Objective 4: Record and report current liabilities) Travis Publishing completed the following transactions for one subscriber during 2018: Oct 1...

Great White Publishing completed the following transactions for one subscriber during 2016: Oct 1 Sold a one-year subscription, collecting cash of $1,400, plus sales tax of 8%. Nov 15 Remitted (paid)...

Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and GST of 5...

please help me Assume the Globe and Mail completed the following transactions for one subscriber during 2020: Oct. 1 Sold a six-month subscription, collecting cash of $170 plus PST of 8 percent and...

Suppose a firm has 20 shares of equity and a 10-year zero-coupon convertible bond with a maturity value of $200, convertible into 8 shares. What is the value of the debt, the share price, and the...

plz fast Which of the following is an invalid instruction? Explain the error if found. a) ADD DX, BX b) MOV DI, AH c) SUB 67H, BL d) PUSH DL e) LDS SI, [1234H]

Which of the following statements is true regarding an engagement to prepare a review report on the annual financial statements of a nonpublic company? A . The successor accountant must contact the...

On August 17, the company declared cash dividends of $35,000. The dividends were paid on September 16. Make the journal entries necessary to record both events.

Enter the following transactions in a cash receipts journal: Nov. 1 Jean Haghighat made payment on account, $750. 12 Marc Antonoff made payment on account, $464. 15 Made cash sales, $3,763. 18 Will...

Enter the following transactions in a general journal: Nov. 1 Jean Haghighat made payment on account, $750. 12 Marc Antonoff made payment on account, $464. 15 Cash sales were $3,763. 18 Will Mossein...

On December 31, 2012, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $1.8 billion cash. Paxon uses the complete equity method to report its investment. The trial...

Referring to Problem, assume you have made 10 payments. What is the balance (present value) of your loan? In problem You purchased a car using some cash and borrowing $15,000 (the present value) for...

What do you think are the main challenges and implications being faced regarding the changes in the service concept of KidZania, centered on experiential learning?

The following items are from the 2009 balance sheet of Kellogg Company. (All dollars are in millions.) Common stock ....... $ 577 Other assets ......... 5,632 Notes payable-current ....... 44 Other...

These items are taken from the financial statements of Tilley, Inc. Prepaid insurance .......... $ 1,400 Equipment .............. 31,000 Salaries and wages expense ....... 36,000 Utilities expense...

You are provided with the following information for Rapp Corporation, effective as of its April 30, 2012, year-end. Accounts payable ........... $ 2,100 Accounts receivable ........... 9,150...

Under the Liquidity Premium Theory, if today's one year spot rate is 4%, the forward one-year rate in one year is 6%, and the liquidity premium on a 2-year bond is 0.25%, today's 2-year spot rate...

Question 1 Brangelina Adoption Agencys general ledger shows a cash balance of $11,675. The balance of cash in the March-end bank statement is $7,347. A review of the bank statement reveals the...

You own the following portfolio of stocks. What is the portfolio weight of stock C? Stock Number of Shares Price per Share A 120 $28 B 710 $24 C 400 $48 D 220 $47 61.55 percent 20.70 percent 54.82...