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hi please help me out with this journal entry. Thanks! ch. 9 exercise 1. On July 15, Piper Co. sold $16,000 of merchandise (costing $8,000)
hi please help me out with this journal entry. Thanks!
ch. 9 exercise
1. On July 15, Piper Co. sold $16,000 of merchandise (costing $8,000) 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 $480 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. View transaction list Journal entry worksheet 1 2 3 4 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. Debit Date General Journal Credit Cash Jul 15 Sales Sales taxes payable Journal entry worksheet 4 Record the cost of merchandise. Note: Enter debits before credits. General Journal Debit Credit Date Jul 15 Journal entry worksheet 4 Record the sending of sales taxes to the government. Note: Enter debits before credits. Debit Credit Date General Journal Aug 01 LO Journal entry worksheet 2 4 Record the sales in advance of games. Note: Enter debits before credits. Debit Date General Journal Credit Nov 03 Journal entry worksheet 2 4 1 Record the revenue earned from sale of tickets. Note: Enter debits before credits. Debit Date General Journal Credit Nov 20Step by Step Solution
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