Required Information [The following information applies to the questions displayed below] 1. On July 15, Piper Company sold $27,000 of merchandise (costing $13,500) 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 $810 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. Note: Enter all amounts as positive values. Equity 1,080 Sales (+) increase 27,000 Cost of goods sold (-) decrease 13,500 Answer is not complete. Date July 15 July 15 Assets Liabilities Cash (+) increase Merchandise inventory (-) decrease 28,080 13,500 Sales taxes payable (+) increase August 1 Cash (-) decrease 1.080 Sales taxes payable (-) decrease 1,080 November 3 Cash (+) increase Unearned ticket 810 (+) increase 810 + revenue November Uneamed ticket 20 (-) decrease 135 revenue
Required Information [The following information applies to the questions displayed below] 1. On July 15, Piper Company sold $27,000 of merchandise (costing $13,500) 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 $810 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. Note: Enter all amounts as positive values. Equity 1,080 Sales (+) increase 27,000 Cost of goods sold (-) decrease 13,500 Answer is not complete. Date July 15 July 15 Assets Liabilities Cash (+) increase Merchandise inventory (-) decrease 28,080 13,500 Sales taxes payable (+) increase August 1 Cash (-) decrease 1.080 Sales taxes payable (-) decrease 1,080 November 3 Cash (+) increase Unearned ticket 810 (+) increase 810 + revenue November Uneamed ticket 20 (-) decrease 135 revenue
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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![Required Information
[The following information applies to the questions displayed below]
1. On July 15, Piper Company sold $27,000 of merchandise (costing $13,500) 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 $810 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.
Note: Enter all amounts as positive values.
Equity
1,080
Sales
(+) increase
27,000
Cost of goods sold
(-) decrease
13,500
Answer is not complete.
Date
July 15
July 15
Assets
Liabilities
Cash
(+) increase
Merchandise inventory
(-) decrease
28,080
13,500
Sales taxes payable
(+) increase
August 1
Cash
(-) decrease
1.080
Sales taxes payable
(-) decrease
1,080
November 3
Cash
(+) increase
Unearned ticket
810
(+) increase
810
+
revenue
November
Uneamed ticket
20
(-) decrease
135
revenue](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F07944573-4a29-4f90-8009-87e5347b66d5%2F54f67648-96b1-4686-b8e9-e9009d7f028f%2Fli9morp_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below]
1. On July 15, Piper Company sold $27,000 of merchandise (costing $13,500) 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 $810 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.
Note: Enter all amounts as positive values.
Equity
1,080
Sales
(+) increase
27,000
Cost of goods sold
(-) decrease
13,500
Answer is not complete.
Date
July 15
July 15
Assets
Liabilities
Cash
(+) increase
Merchandise inventory
(-) decrease
28,080
13,500
Sales taxes payable
(+) increase
August 1
Cash
(-) decrease
1.080
Sales taxes payable
(-) decrease
1,080
November 3
Cash
(+) increase
Unearned ticket
810
(+) increase
810
+
revenue
November
Uneamed ticket
20
(-) decrease
135
revenue
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