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Listed below are a few transactions and events of Piper Company. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales
Listed below are a few transactions and events of Piper Company. 1. 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%. 2. 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.) Journal entry worksheet 2 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 01(a) Journal entry worksheet 2 Record cost of sales Note: Enter debits before credits. Transaction General Journal Debit Credit 01(b) Journal entry worksheet 2 The company earned $50,000 of $125,000 previously received in advance for services Note: Enter debits before credits. Transaction General Journal Debit Credit 02
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