[The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $16,000 of merchandise (costing $8,000) 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 $480 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). ercise 9-3 (Algo) Financlal statement impact of current liability transactions LO C2

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 $16,000 of merchandise (costing $8,000) 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 $480 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 9-3 (Algo) Financlal statement impact of current liability transactions LO C2
Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts
(including + or -) for each transaction. (Enter all amounts as positive values.)
Date
Assets
Liabilities
July 15
July 15
August 1
November 3
November 20
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 $16,000 of merchandise (costing $8,000) 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 $480 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 9-3 (Algo) Financlal statement impact of current liability transactions LO C2 Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets Liabilities July 15 July 15 August 1 November 3 November 20
Liabilities
Equity
+.
%3D
Transcribed Image Text:Liabilities Equity +. %3D
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