Listed below are a few transactions and events of Piper Company.

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 as unearned services revenue.

Prepare any necessary adjusting entries at December 31, 2017, for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the policy of recording cash received in advance in balance sheet accounts.)

1-Record the entry for cash sales and its sales taxes.

2-Record cost of sales.

3-The company earned $50,000 of $125,000 previously received in advance for services.

Transaction	General Journal	Debit	Credit
01(a)