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Journalize the transactions and then report any liability

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Time Traveler Magazine completed the following transactions during 2016:

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

Problem 1. Journalize these transactions and then report any liability on the company's balance sheet on December 31st.

Reference no: EM132836971

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