1. On July 15. Piper Co. sold $22,000 of merchandise (costing $1000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entrles for the July 15 and August 1 transactions. 2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $660 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. On July 15. Piper Co. sold $22,000 of merchandise (costing $11,000) 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 $660 cash. On November 20, the
Bucks played the first game of the slIx game pack (this represented one-sIxth of the advance ticket sales). Record the
entries for the November 3 and November 20 transactions.
Vlew transaction let
Journal entry worksheet
1
2
3
4 5
>
Record the entry for cash sales and its sales taxes.
Note: Enter debits befre credits.
Date
General Journal
Debit
Credit
Jul 15
Record entry
Clear entry
Vlew general journal
Transcribed Image Text:1. On July 15. Piper Co. sold $22,000 of merchandise (costing $11,000) 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 $660 cash. On November 20, the Bucks played the first game of the slIx game pack (this represented one-sIxth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions. Vlew transaction let Journal entry worksheet 1 2 3 4 5 > Record the entry for cash sales and its sales taxes. Note: Enter debits befre credits. Date General Journal Debit Credit Jul 15 Record entry Clear entry Vlew general journal
Sylvestor Systems borrows $55,000 cash on May 15 by signing a 150-day. 7%, $55,000 note.
1. On what date does this note mature?
2-a. Prepare the entry to record Issuance of the note.
2-b. First, complete the table below to calculate the Interest expense at maturity. Use those calculated values to prepare your
entry to record payment of the note at maturity.
Complete this question by entering your answers in the tabs below.
Required 28
Required 28
General
Required 1
Required 2A
Interest at
Maturity
Journal
On what date does this note mature?
On what date does this note mature?
< Required 1
Required 2A >
Transcribed Image Text:Sylvestor Systems borrows $55,000 cash on May 15 by signing a 150-day. 7%, $55,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record Issuance of the note. 2-b. First, complete the table below to calculate the Interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 28 Required 28 General Required 1 Required 2A Interest at Maturity Journal On what date does this note mature? On what date does this note mature? < Required 1 Required 2A >
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