Required Information [The following Information applies to the questions displayed below.] 1. On July 15, Piper Company 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. 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). 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. Date July 15 Assets Liabilities Equity Cash July 15 August 1 Merchandise inventory Cash (+) increase decrease 10,400 = Sales taxes payable (+) increase 400 Sales (+) increase 5,000 = (+) increase + Cost of goods sold (-) decrease (-) decrease 400 = (-) decrease + November 3 Cash (+) increase November 20 300 = = (+) increase +