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7 December, 14:28

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

+4
Answers (1)
  1. 7 December, 14:39
    0
    Answer and Explanation:

    The Journal entry is shown below:-

    1. Jul 15

    Cash Dr, $29,960

    To Sales revenue $24,000

    To Sales tax payable $960

    ($24,000 * 4%)

    (Being sales is recorded)

    2. Jul 15

    Cost of goods sold Dr, $12,000

    To Merchandise inventory $12,000

    (Being cost of goods sold is recorded)

    3. Aug 01

    Sales tax payable Dr, $960

    To Cash $960

    (Being payment of sales tax is recorded)

    4. Nov 03

    Cash Dr, $720.00

    To Unearned ticket revenue $720.00

    (Being sale of advance tickets is recorded)

    5. Nov 20

    Unearned ticket revenue Dr, $120

    ($720 : 6)

    To Ticket revenue $120

    (Being ticket revenue is recorded)
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Home » Business » 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.
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