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! Required information [ The following information applies to the questions displayed below. ] On July 1 5 , Piper Company sold $ 1 2
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The following information applies to the questions displayed below.
On July Piper Company sold $ of merchandise costing $ for cash. The sales tax rate is On August Piper sent the sales tax collected from the sale to the government.
On November the Milwaukee Bucks sold a sixgame pack of advance tickets for $ cash. On November the Bucks played the first game of the sixgame pack this represented onesixth of the advance ticket sales
Analyze each separate transaction by showing its effects on the accounting equationspecifically, identify the accounts and amounts including or for each transaction.
Note: Enter all amounts as positive values.
tableDateAssots,Liabilities,tableSalesJuly Cash, increase,Sales taxes payable, increaseJuly Merchandise inventory, decrease,Cost of goods soldAugust Cash, decrease,Sales taxes payable, decrease,November Cash, increase,Unearned ticket revenue, increase,November Unearned ticket revenue, decrease,Ticket revenue
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