1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales...

  

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1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) 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 $750 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets %3! Liabilities July 15 %3D July 15 %3D August 1 %3D November 3 %3D November 20 %3! 1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) 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 $750 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets %3! Liabilities July 15 %3D July 15 %3D August 1 %3D November 3 %3D November 20 %3!

Answer rating: 100% (QA)

Date General Journal Debit Credit Jul15 Cash 26250 Sales Re... View the full answer