Required information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 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 $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 entries for the July 15 and August 1 transactions. . Record the entries for the November 3 and November 20 transactions.
Required information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 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 $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 entries for the July 15 and August 1 transactions. . Record the entries for the November 3 and November 20 transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 14
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Required information
[The following information applies to the questions displayed below.]
1. On July 15, Piper Company 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.
2. 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).
1. Record entries for the July 15 and August 1 transactions.
2. Record the entries for the November 3 and November 20 transactions.
View transaction list
Journal entry worksheet
1
2
3 4
5
Record the entry for cash sales and its sales taxes.
Note: Enter debits before credits.
Date
General Journal
July 15
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F950ccb0b-88f0-424e-a789-46ed3bd2a086%2F823ea428-94a4-48d7-beea-ca9a0927d53c%2Fgan6nn_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 $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.
2. 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).
1. Record entries for the July 15 and August 1 transactions.
2. Record the entries for the November 3 and November 20 transactions.
View transaction list
Journal entry worksheet
1
2
3 4
5
Record the entry for cash sales and its sales taxes.
Note: Enter debits before credits.
Date
General Journal
July 15
Debit
Credit
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