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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...

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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 

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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. 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 $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). Record the entries for the November 3 and November 20 transactions. View transaction list Journal entry worksheet < 1 2 3 Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. Date Jul 15 General Journal Debit Credit

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No Date General Journal Debit Credit 1 15 Jul Cash 26 75 View the full answer


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Fundamental Accounting Principles

Fundamental Accounting Principles

ISBN: 978-1259916960

24th edition

Authors: John J Wild, Ken Shaw

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Question Details
Chapter # 11
Section: Exercises
Problem: 2
Posted Date: September 26, 2023 11:56:36
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