Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

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.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 7MCQ
See similar textbooks
icon
Related questions
Question
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 >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS