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. Note: Enter all amounts as positive values. Date July 15 July 15 August 1 November 3 November 20 Assets Liabilities Equity

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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[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).
es
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.
Date
July 15
July 15
August 1
November 3
November 20
Assets
Liabilities
Equity
Help
Transcribed Image Text:Saved 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). es 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. Date July 15 July 15 August 1 November 3 November 20 Assets Liabilities Equity Help
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