Required Information [The following information applies to the questions displayed below] On July 15, Piper Company sold $12.000 of merchandise (costing $6.000) 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 $360 cash On November 20 the Bucks played the first game of the six-game pack this represented one-sixth of the advance ticket sales Analyte each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts including or -1 for each transaction Note: Enter all amounts as positive values. Assets am Answer is not complete.
Required Information [The following information applies to the questions displayed below] On July 15, Piper Company sold $12.000 of merchandise (costing $6.000) 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 $360 cash On November 20 the Bucks played the first game of the six-game pack this represented one-sixth of the advance ticket sales Analyte each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts including or -1 for each transaction Note: Enter all amounts as positive values. Assets am Answer is not complete.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Vishno
![Required Information
[The following information applies to the questions displayed below]
1. On July 15, Piper Company sold $12,000 of merchandise (costing $6,000) 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 $360 cash. On November 20,
the Bucks played the first game of the six-game pack his represented one-soth 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 -1 for each transaction,
Note: Enter all amounts as positive values.
Date
July 15
Aly 15
August 1
November 3
November
Cash
Merchandise inventory
Cab
Cash
Assets
9 novese O
Ⓒ(-)
O
(-) decrease
O
0 (0) nowane
O
8.000 C
6.000 Ⓒ
450 Ⓒ
300
Sales laves payable
Sess payable
Uneamed ticke
revenue
Uneamed ticket
revenue
O Answer is not complete.
Liabilities
(¹) se
ⒸenaO
(4) Persse
ⒸO
0000
0.000.
400+
300.
80.
terve
Equity
O() morsise
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F266fc484-5c67-47d6-992b-66fccc5361b4%2Fe027daa5-8259-46a7-803c-c5f2d57cb36b%2Fq4j5ns_processed.jpeg&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 $12,000 of merchandise (costing $6,000) 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 $360 cash. On November 20,
the Bucks played the first game of the six-game pack his represented one-soth 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 -1 for each transaction,
Note: Enter all amounts as positive values.
Date
July 15
Aly 15
August 1
November 3
November
Cash
Merchandise inventory
Cab
Cash
Assets
9 novese O
Ⓒ(-)
O
(-) decrease
O
0 (0) nowane
O
8.000 C
6.000 Ⓒ
450 Ⓒ
300
Sales laves payable
Sess payable
Uneamed ticke
revenue
Uneamed ticket
revenue
O Answer is not complete.
Liabilities
(¹) se
ⒸenaO
(4) Persse
ⒸO
0000
0.000.
400+
300.
80.
terve
Equity
O() morsise
4
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