Question: Exercise 11-2 Recording known current liabilities LO C2 1. On July 15, Piper Co. sold $14,000 of merchandise (costing $7,000) for cash. The sales tax

sales tax rate is 4%. On August 1, Piper sent the sales

tax collected from the sale to the government. Record entries for the

July 15 and August 1 transactions. 2. On November 3, the Milwaukee

Bucks sold a six game pack of advance tickets for $420 cash.

Exercise 11-2 Recording known current liabilities LO C2 1. On July 15, Piper Co. sold $14,000 of merchandise (costing $7,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. 2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $420 cash. On November 20, the Bucks played the first game of the six game pack (this represented one-sixth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions. View transaction list Journal entry worksheet ENG US Saved View transaction list Journal entry worksheet Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. General Journal Debit Credit Date Jul 15 View general journal Record entry Clear entry View transaction list Journal entry worksheet Record the sending of sales taxes to the government. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 View general journal Clear entry Record entry View transaction list Journal entry worksheet 1 2 . 2 3 5 Record the sales in advance of games. Note: Enter debits before credits. Date General Journal Debit Credit Nov 03 View general journal Record entry Clear entry Saved View transaction list Journal entry worksheet 1 2 3 4 5 Record the revenue earned from sale of tickets. Note: Enter debits before credits. General Journal Debit Credit Date Nov 20 View general journal Record entry Clear entry

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