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Record the entries for the November transactions

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Reference no: EM133102700

Question 1 - On July 15, Piper Co. sold $17,000 of merchandise (costing $8,500) for cash. The sales tax rate is 5%. 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.

Question 2 - On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $510 cash. On November 20, the Bucks played the ?rst 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.

Reference no: EM133102700

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