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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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Required information
[The following information applies to the questions displayed below.]
On July 15, Piper Company sold $12,000 of merchandise (costing $6,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government.
On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $360 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales).
Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction.
Note: Enter all amounts as positive values.
\table[[Date,Assots,=,Liabilities,\table[[+],[+]],Sales],[July 15,Cash,(+) increase,=,Sales taxes payable,(+) increase],[July 15,Merchandise inventory,(-) decrease,=,,,+,Cost of goods sold],[August 1,Cash,(-) decrease,=,Sales taxes payable,(-) decrease,+,],[November 3,Cash,(+) increase,=,Unearned ticket revenue,(+) increase,+,],[November 20,,-,=,Unearned ticket revenue,(-) decrease,+,Ticket revenue]]
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