1. On July 15, Piper Co. sold $13,000 of merchandise (costing $6,500) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. 2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $390 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.
1. On July 15, Piper Co. sold $13,000 of merchandise (costing $6,500) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. 2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $390 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. On July 15, Piper Co. sold $13,000 of merchandise (costing $6,500) for cash. The sales tax rate is 4%. On August 1, Piper sent the
sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions.
2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $390 cash. On November 20, the Bucks played
the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3
and November 20 transactions.
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Journal entry worksheet
1
2
3 4 5
Record the entry for cash sales and its sales taxes.
Note: Enter debits before credits.
Date
Jul 15
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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