Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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 $510 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-2 (Algo) Recording known current liabilities LO C2 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 40 Record the sale of advance tickets. 5
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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 $510 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-2 (Algo) Recording known current liabilities LO C2 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 40 Record the sale of advance tickets. 5
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Record the entry for cash sales and it’s sales tax
Record the cost of merchandise
Record the sending of sales taxes to the government
Record the sale of advance tickets
![Required information
Use the following information for the Exercises below. (Algo)
The following information applies to the questions displayed below.]
1. On July 15, Piper Company sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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 $510 cash. On November 20, the
Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales).
Exercise 9-2 (Algo) Recording known current liabilities LO C2
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
Record the sale of advance tickets.
5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3872d851-27db-40d9-8fe5-69d396345726%2F3546987b-7ee9-492d-8e2a-7cf349561925%2Fa77n53q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
The following information applies to the questions displayed below.]
1. On July 15, Piper Company sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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 $510 cash. On November 20, the
Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales).
Exercise 9-2 (Algo) Recording known current liabilities LO C2
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
Record the sale of advance tickets.
5
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