On July 15, Piper Company sold $24,000 of merchandise (costing $12,000) for cash. The sales tax...

 

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On July 15, Piper Company sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. 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 $720 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). 1. Record entries for the July 15 and August 1 transactions. 2. Record the entries for the November 3 and November 20 transactions. On July 15, Piper Company sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. 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 $720 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). 1. Record entries for the July 15 and August 1 transactions. 2. Record the entries for the November 3 and November 20 transactions.

Answer rating: 100% (QA)

1 Record entries for the July 15 and August 1 transactions July 15 Cash Sales revenue 24000 Sales Re... View the full answer