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News help fixing my problem 1. On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%.
News help fixing my problem
1. On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) 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 $300 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. Answer is not complete. No Date General Journal Debit Credit 1 Jul 15 Cash 10,400 Sales 10,000 Sales taxes payable 400 2 Jul 15 5,000 Cost of goods sold Merchandise inventory 5,000 3 Aug 01 Sales taxes payable 400 Cash 400 4 Nov 03 Sales taxes payable 400 Cash 400 2 Jul 15 Cost of goods sold Merchandise inventory 5,000 5,000 3 Aug 01 Sales taxes payable 400 Cash 400 Nov 03 Sales taxes payable 400 Cash 400 5 Nov 20 Unearned services revenue 300 X 300
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