Exercise 9-2 Recording known current liabilities LO C2 Listed below are a few transactions and events of Piper Company. 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 services revenue. Prepare any necessary adjusting entries at December 31, 2017, for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the policy of recording cash received in advance in balance sheet accounts.) View transaction list View journal entry worksheet No Transactic General Journal Debit Credit 1 01(a) Cash Sales Sales taxes payable 21 01(b) Cost of goods sold Merchandise inventory 02 Unearned services revenue Earned services revenue