Required information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $24,000 of merchandise (costing $12,000 ) 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 $720 cash. On November 20 , the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). nalyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts ncluding + or - ) for each transaction. lote: Enter all amounts as positive values. \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & July 15 & Cash & 24,960 & \\ \hline & & & Sales & & 24,000 \\ \hline & & & Sales taxes payable & & 960 \\ \hline \multirow[t]{2}{*}{1} & 2 & July 15 & Cost of goods sold & 12,000 & \\ \hline & & & Merchandise inventory & & 12,000 \\ \hline \multirow[t]{2}{*}{1} & 3 & August 01 & Sales taxes payable & 960 & \\ \hline & & & Cash & & 960 \\ \hline & 4 & November 03 & Cash & 720 & \\ \hline & & & Unearned ticket revenue & & 720 \\ \hline & 5 & November 20 & Unearned ticket revenue & 120 & \\ \hline & & & Ticket revenue & & 120 \\ \hline \end{tabular}