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Required information

Use the following information for the Exercises below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

On July $15,$ Piper Company sold $$20,000$ of merchandise $($costing $$10,000)$ for cash. The sales tax rate is $5\%.$ 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 $$600$ cash. On November $20,$ the Bucks played the first game of the six$-$game pack $($this represented one$-$sixth of the advance ticket sales$).$

Exercise $11-2($Algo$)$ Recording known current liabilities LO C$2$

Record entries for the July $15$ and August $1$ transactions.

Record the entries for the November $3$ and November $20$ transactions.

$\backslash$table$[[1$ Record the entry for cash sales and its sales taxes.$],[$Record the cost of merchandise.$],[$Record the sale of advance tickets.$],[5$ Record the revenue earned from sale of tickets.$],[$Note : $O=$ journal entry has been entered$]]$X