1. On July 15, Piper Co. sold $20,000 of merchandise (costing $10,000) 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 $600 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) Financial statement impact of current liability transactions LO C2

Analyze each separate transaction by showing its effects on the accounting equationspecifically, identify the accounts and amounts (including + or ) for each transaction. (Enter all amounts as positive values.)

Date	Assets			=	Liabilities			+	Equity
July 15				=				+
July 15				=				+
August 1				=				+
November 3				=				+
November 20				=				+