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On July 15, Piper Co. sold $29,000 of merchandise (costing $14,500) for cash. The sales...

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Accounting

  1. On July 15, Piper Co. sold $29,000 of merchandise (costing $14,500) 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 $870 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.

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