Exercise 9-2 Recording known current liabilities LO C2 On July 15, Piper Co. sold $23,000 of merchandise (costing $11,500) for cash. The sales tax rate is 5%. 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. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $690 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.
1. On July 15 , Piper Co. sold $23,000 of merchandise (costing $11,500 ) for cash. The sales tax rate is 5%. 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 $690 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. Journal entry worksheet 5 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. 1. On July 15 , Piper Co. sold $23,000 of merchandise (costing $11,500 ) for cash. The sales tax rate is 5%. 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 $690 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. Journal entry worksheet 1. On July 15 , Piper Co. sold $23,000 of merchandise (costing $11,500 ) for cash. The sales tax rate is 5%. 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 $690 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. Journal entry worksheet 5 Record the sending of sales taxes to the government. Note: Enter debits before credits. 1. On July 15 , Piper Co. sold $23,000 of merchandise (costing $11,500 ) for cash. The sales tax rate is 5%. 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 $690 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. Journal entry worksheet
