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On July 15, Piper Co. 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. 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 $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 the entries for the November 3 and November 20 transactions.

Answer :

Answer:

Explanation:

The journal entries are shown below:

On July 15

Cash A/c Dr $10,400

       To Sales A/c $10,000

       To Sales tax payable A/c $400       ($10,000 × 4%)

(Being goods are sold on credit with sales tax)

On August 1

Cost of goods sold A/c Dr $5,000

      To Inventory A/c                   $5,000

(Being goods are sold at cost)

On November 3

Cash A/c Dr $300

       To Unearned ticket revenue $300

(Being unearned revenue is recorded)

On November 30

Unearned ticket revenue $50              ($300 ÷ 6)

        To Ticket revenue A/c $50

(Being adjusting entry is recorded)

Answer:

A journal entry is used to record financial transactions of the business operations in a company's accounting records. The journal entries of Piper Co. is recorded below:

Explanation:

The screenshot of the journal entries is attached below for a clear understanding of the narration.

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