Loose Leaf for Financial Accounting: Information for Decisions
Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 9, Problem 2E

Prepare any necessary entries at December 31 for Piper Company’s year-end financial statements for each of the following separate transactions and events.

  1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%.
  2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned service revenue.

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Loose Leaf for Financial Accounting: Information for Decisions

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