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

1.	Piper Company records an adjusting entry for $10,000,000 of previously unrecorded cash sales (costing $5,000,000) and its sales taxes at a rate of 4%.
2.	The company earned $50,000 of $125,000 previously received in advance for services.

Prepare any necessary adjusting entries at December 31, 2015, 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.)