exercise 9-2

Prepare any necessary' entries at December 31, 2015. for Piper Company in preparation for year-end financial statements for each of the following separate transactions and events. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. The company earned $50,000 of $125,000 previously received in advance and originally recorded unearned services revenue