On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) 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.On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $300 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.Journal entry worksheet I: Record the entry for cash sales and its sales taxes.Note: Enter debits before credits. DateGeneral JournalDebitCreditJul 15 Journal entry worksheetII: Record the cost of merchandise.Note: Enter debits before credits. DateGeneral JournalDebitCreditJul 15 Journal entry worksheetIII: Record the sending of sales taxes to the government.Note: Enter debits before credits. DateGeneral JournalDebitCreditAug 01 Journal entry worksheetIV: Record the sales in advance of games.Note: Enter debits before credits. DateGeneral JournalDebitCreditNov 03 Journal entry worksheet V: Record the revenue earned from sale of tickets.Note: Enter debits before credits. DateGeneral JournalDebitCreditNov 20

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Description: On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) 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.On Novemb

Answered: I: Record the entry for cash sales and…

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

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On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) 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.
On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $300 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.

Journal entry worksheet

I: Record the entry for cash sales and its sales taxes.