Unit 4 Assignment 2 Post journal entries

Prepare transactions according to the Generally Accepted Accounting Principles.

Account for various transactions using industry-standard accounting software.

This assignment will give you experience with complex accounting transactions. In this assignment, you will prepare the journal entries for the issuance and transactions related to bonds.

Misc Entries 1. On July 15, Longview Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 7%. On August 1, Longview sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. Sales Merchandise Cost Tax Rate 25,000 12,500 7% 2. On November 3, the El Paso Hound Dogs sold a eight game pack of advance tickets for $4200 cash. On November 20, the Dogs played the first game of the 8 game pack (this represented one-eighth of the advance ticket sales). Record the entries for the November 3 and November 20 transactions. 4,200 Advanced Ticket Sales Total Games Tickets $$ Per game 525 No General Journal Debit Credit Date 15-Jul 1 2 15-Jul 3 1-Aug 4 3 -Nov 5 20-Nov