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ACC 201 Principles of Accounting I Week 6 Chapter 11 Practice Homework Answers (St. Leo)

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Saint Leo ACC 201 Week 6 Chapter 11 Practice Homework Solution

WatsonPublishing completed the following transactions during

2016 :

Oct..

1

Sold a  six-month subscription  (starting on November  1), collecting cash of

$420plus sales tax of 8%.

Nov.

15

Remitted  (paid) the sales tax to the state of Tennessee.

Dec.

31

Made the necessary adjustment at  year-end to record the amount of subscription revenue earned during the year.

 

Journalize the transactions  (explanations are not  required). (Round all amounts to the nearest cent. Record debits  first, then credits. Exclude explanations from journal  entries.)

Oct

1: Sold a  six-month subscription  (starting on November  1), collecting cash of $420 plus sales tax of 8 %.

(Prepare a single compound entry for this  transaction.)

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