[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). 1. Record entries for the July 15 and August 1 transactions, 2. Record the entries for the November 3 and November 20 transactions.

[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). 1. Record entries for the July 15 and August 1 transactions, 2. Record the entries for the November 3 and November 20 transactions.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Required Information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $19,000 of merchandise (costing $9,500) 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 $570 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 Assets Merchandise inventory (-) decrease 9.500 November 20 E E Liabilities 5 Prev of 18 Next > Equity K
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 Date July 15 3 Note: Enter debits before credits. Record the entry for cash sales and its sales taxes. Record entry 4 5 General Journal Clear entry → 4 Debit C Credit View general journal D
1. On July 15. Piper Co. sold $22,000 of merchandise (costing $11,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. 2 On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $660 cash. On November 20, the Bucks played the first game of the slIx game pack (this represented one-sIxth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions. Vlew transaction let Journal entry worksheet 1 2 3 4 5 > Record the entry for cash sales and its sales taxes. Note: Enter debits befre credits. Date General Journal Debit Credit Jul 15 Record entry Clear entry Vlew general journal
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On July 15, Piper Co. 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. Record entries for the July 15 and August 1 transactions. 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 the entries for the November 3 and November 20 transactions. Journal entry worksheet I: Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. Date General Journal Debit Credit Jul 15 Journal entry worksheet II: Record the cost of merchandise. Note: Enter debits before credits. Date General Journal Debit Credit Jul 15…
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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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