Part 1.

A retailer sells merchandise for $500 cash on June 30 (cost of merchandise is $300). The retailer collects 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also record the entry that shows the taxes collected being sent to the government on July 15.
Part 2. 

A ticket agency receives $40,000 cash in advance ticket sales for Haim’s upcoming four-date tour. Record the advance ticket sales on April 30. Record the revenue earned for the first concert date of May 15, assuming it represents one-fourth of the advance ticket sales.
Part 3. 

On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note payable with a face value of $8,000.

(a) Compute the accrued interest payable on December 31 of the current year,

(b) Prepare the journal entry to record the accrued interest expense at December 31 of the current year, and

(c) Prepare the journal entry to record payment of the note at maturity.