Required information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company'sold $18,000 of merchandise (costing $9,000) 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 $540 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 Date July 15 Note: Enter debits before credits. 4 Record the entry for cash sales and its sales taxes. 5 General Journal Debit Credit >

Required information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company'sold $18,000 of merchandise (costing $9,000) 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 $540 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 Date July 15 Note: Enter debits before credits. 4 Record the entry for cash sales and its sales taxes. 5 General Journal Debit Credit >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…
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