On July 15, Piper Co. 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. Record entries for the July 15 and August 1 transactions. 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). Record the entries for the November 3 and November 20 transactions.
View transaction list View journal entry worksheet
No Date General Journal Debit Credit
1 Jul 15 No Transaction Recorded
2 Jul 15 No Transaction Recorded
3 Aug 01 No Transaction Recorded
4 Nov 03 No Transaction Recorded
5 Nov 20 No Transaction Recorded
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On July 15, Piper Co. sold $24,000 of merchandise (costing $12,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
If the government starts a new program where it buys every family that lives in Florida a new air conditioner, one may argue this could lead to
Answers (1)
ohn has been working as a tutor for $300 a semester. When the university raises the price it pays tutors to $400, Jasmine enters the market and begins tutoring as well. How much does producer surplus rise as a result of this price increase
Answers (1)
What does it mean when the irs says your tax return has been received and is being processed?
Answers (1)
2. Beachcomer, a coin dealer, sues to rescind a purchase by Boskett, who paid $50 for a dime both parties thought was minted in San Francisco. In fact, it was a very valuable dime minted in Denver.
Answers (1)
If the dollar buys fewer bananas in Guatemala than in Honduras, then traders could make a profit by a. buying bananas in Honduras and selling them in Guatemala, which would tend to raise the price of bananas in Honduras. b.
Answers (1)
New Questions in Business
The same person opens incoming mail and posts the accounts receivable subsidiary ledger.
Answers (1)
George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits until June 10th after April 15th to pay the tax. How much will his penalties be?
Answers (1)
On November 1, 2019, Juno, Inc. declared a dividend of $3.00 per share on common stock. Juno, Inc. has 10,000 shares of common stock outstanding and 20,000 shares of preferred stock.
Answers (1)
Fallon Corporation reports net income of $370,000. Accounts Receivable balances at the beginning and end of the year were $40,000 and $48,000, respectively. Beginning and ending Inventory balances were $60,000 and $54,000, respectively.
Answers (1)
An asset was purchased for $60,000 and originally estimated to have a useful life of 10 years with a residual value of $3,000.
Answers (2)