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Required information [The following information applies to the questions displayed below.] On...

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Accounting

Required information
[The following information applies to the questions displayed below.]
On July 15, Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government.
On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 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 entries for the July 15 and August 1 transactions.
Record the entries for the November 3 and November 20 transactions.
1 Record the entry for cash sales and its sales taxes.
2 Record the cost of merchandise.
3 Record the sending of sales taxes to the government.
4 Record the sale of advance tickets.
5 Record the revenue earned from sale of tickets.
Note: = journal entry has been entered
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