Prepare any necessary adjusting entries at December 31, 2015, for Piper Companys year-end financial statements for each

Question:

Prepare any necessary adjusting entries at December 31, 2015, for Piper Company’s year-end for each of the following separate transactions and events.
1. Piper Company records an adjusting entry for $10,000,000 of previously unrecorded cash sales (costing $5,000,000) and its sales taxes at a rate of 4%.
2. The company earned $50,000 of $125,000 previously received in advance for services.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...