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  3. 1. on july 15, piper co. sold $30,000 of merchandi

1. On July 15, Piper Co. sold $30,000 of merchandise (costing $15,000) for cash. The...

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Accounting

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1. On July 15, Piper Co. sold $30,000 of merchandise (costing $15,000) 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 $900 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. Record the entry for cash sales and its sales taxes. Note: Enter debits before credits. Date General Journal Debit Credit Jul 15 Record the cost of merchandise. Note: Enter debits before credits. Date General Journal Debit Credit Jul 15 Record the sending of sales taxes to the government. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 Record the sales in advance of games. Note: Enter debits before credits. Date General Journal Debit Credit Nov 03 Record the revenue earned from sale of tickets. Note: Enter debits before credits. Date General Journal Debit Credit Nov 20

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