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Required information. [The following information applies to the questions displayed below.) 1. On July 15, Piper Company sold $13,000 of merchandise (costing $6,500) for
Required information. [The following information applies to the questions displayed below.) 1. On July 15, Piper Company sold $13,000 of merchandise (costing $6,500) 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 $390 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). 1. Record entries for the July 15 and August 1 transactions. 2. Record the entries for the November 3 and November 20 transactions. Journal entry worksheet < 1 2 3 4 5 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. General Journal Debit Credit + Date July 15 Cash Sales Sales taxes payable Journal entry worksheet < 1 2 3 5 Record the sending of sales taxes to the government. Note: Enter debits before credits. Date General Journal Debit Credit August 01 Sales taxes payable Cash > Journal entry worksheet < 1 2 3 5 Record the revenue earned from sale of tickets. Note: Enter debits before credits. Date General Journal Debit Credit November 20 Unearned ticket revenue Ticket revenue >
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