[The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $17,000 of merchandise (costing $8.500) for cash. The sales tax rate is 5%. 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 $510 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.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 7MCQ
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[The following information applies to the questions displayed below.]
1. On July 15, Piper Company sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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 $510 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.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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 $510 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.
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