Required information (The following information applies to the questions displayed below,) 1. On July 15, Piper Company sold $29,000 of merchandise (costing $14,500) 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 $870 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales) salyze each separate transaction by showing its effects on the accounting equation-specifically, identify the counts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.)
Required information (The following information applies to the questions displayed below,) 1. On July 15, Piper Company sold $29,000 of merchandise (costing $14,500) 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 $870 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales) salyze each separate transaction by showing its effects on the accounting equation-specifically, identify the counts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.)
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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Transcribed Image Text:Required information
(The following information applies to the questions displayed below.)
1. On July 15, Piper Company sold $29,000 of merchandise (costing $14,500) 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 $870 cash.
On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth
of the advance ticket sales).
Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the
accounts and amounts (including + or-) for each transaction. (Enter all amounts as positive values.)
Date
Assets
Liabities
July 15
July 15
Augunt 1
November 3
November 20
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