1. On July 15, Piper Company sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $720 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-2 (Algo) Recording known current liabilities LO C2 1. Record entries for the July 15 and August 1 transactions. 2. Record the entries for the November 3 and November 20 transactions. View transaction list < Journal entry worksheet 1 2 3 Date July 15 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. 4 5 General Journal Debit Credit
1. On July 15, Piper Company sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $720 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-2 (Algo) Recording known current liabilities LO C2 1. Record entries for the July 15 and August 1 transactions. 2. Record the entries for the November 3 and November 20 transactions. View transaction list < Journal entry worksheet 1 2 3 Date July 15 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. 4 5 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. On July 15, Piper Company sold $24,000 of merchandise (costing $12,000) for cash. The
sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the
government.
2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for
$720 cash. On November 20, the Bucks played the first game of the six-game pack (this
represented one-sixth of the advance ticket sales).
Exercise 9-2 (Algo) Recording known current liabilities LO C2
1. Record entries for the July 15 and August 1 transactions.
2. Record the entries for the November 3 and November 20 transactions.
View transaction list
<
Journal entry worksheet
1
2
3
Date
July 15
Record the entry for cash sales and its sales taxes.
Note: Enter debits before credits.
4 5
General Journal
Debit
Credit
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