PR-8-9-10

The following transactions relate to Peidman Company.

-On July 15, Peidman Company sold $19,000 of merchandise (costing $9,500). The sales tax rate is 4%. Peidman was paid in cash.

-On August 1, Peidman sent the sales tax collected from the sale to the government.

-On November 3, the Peidman received $570 cash from a customer for services to be performed over the next 6 months.

-On November 30, the Peidman complete one-month of services for the customer who paid on November 3. (this represented one-sixth of the services that must be provided).

REQUIREMENTS:

Record journal entries for the above transactions.