Prepare any necessary adjusting entries at December 31, 2013, for Piper Companys year- end financial statements for

Question:

Prepare any necessary adjusting entries at December 31, 2013, for Piper Company’s year- end for each of the following separate transactions and events.
1. Piper Company records an adjusting entry for $ 10,000,000 of previously unrecorded cash sales (costing $ 5,000,000) and its sales taxes at a rate of 4%.
2. The company earned $ 50,000 of $ 125,000 previously received in advance for services.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...