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How do report any liability on the company balance sheet

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Reference no: EM132604002

Time Traveler Magazine completed the following transactions during 2016:

Oct 31: Sold one-year subscriptions, collecting cash of $1,750, plus HST of 13%.
Dec 31: Remitted (paid) HST to Canada Revenue Agency (CRA).
Dec 31: Made the necessary adjustment at year-end.

Question (a) Journalize these transactions

Question (b) report any liability on the company's balance sheet at December 31st.

Reference no: EM132604002

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