1 Exercise 11-2 Recording known current liabilities LO C2 33.33 points 1. 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. 2. 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. eBook Ask View transaction list X: 1 Record the entry for cash sales and its sales taxes. 2 Record the cost of merchandise. Record the sending of sales taxes to the government. 4 Record the sales in advance of games. 5 Record the revenue earned from sale of tickets. Journal entry worksheet 1 2 3 4 5 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. Date General Journal Debit Credit Jul 15 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 > Record the cost of merchandise. Note: Enter debits before credits. General Journal Debit Credit Date Jul 15 Record entry Clear entry View general Journal Journal entry worksheet Record the sales in advance of games. Note: Enter debits before credits. Date General Journal Debit Credit Nov 03 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 > Record the revenue earned from sale of tickets. Note: Enter debits before credits. General Journal Debit Credit Date Nov 20 Record entry Clear entry View general Journal