Required Information [The following information applies to the questions displayed below] On July 15, Piper Company sold $12.000 of merchandise (costing $6.000) for cash. The sales tax rate is 4% On August 1, Piper sent the sales tax collected from the sale to the government 2. On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $360 cash On November 20 the Bucks played the first game of the six-game pack this represented one-sixth of the advance ticket sales Analyte each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts including or -1 for each transaction Note: Enter all amounts as positive values. Assets am Answer is not complete.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Vishno

Required Information
[The following information applies to the questions displayed below]
1. On July 15, Piper Company sold $12,000 of merchandise (costing $6,000) for cash. The sales tax rate is 4%. On
August 1, Piper sent the sales tax collected from the sale to the government.
2 On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $360 cash. On November 20,
the Bucks played the first game of the six-game pack his represented one-soth of the advance ticket sales)
Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts
including or -1 for each transaction,
Note: Enter all amounts as positive values.
Date
July 15
Aly 15
August 1
November 3
November
Cash
Merchandise inventory
Cab
Cash
Assets
9 novese O
Ⓒ(-)
O
(-) decrease
O
0 (0) nowane
O
8.000 C
6.000 Ⓒ
450 Ⓒ
300
Sales laves payable
Sess payable
Uneamed ticke
revenue
Uneamed ticket
revenue
O Answer is not complete.
Liabilities
(¹) se
ⒸenaO
(4) Persse
ⒸO
0000
0.000.
400+
300.
80.
terve
Equity
O() morsise
4
Transcribed Image Text:Required Information [The following information applies to the questions displayed below] 1. On July 15, Piper Company sold $12,000 of merchandise (costing $6,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. 2 On November 3, the Milwaukee Bucks sold a six game pack of advance tickets for $360 cash. On November 20, the Bucks played the first game of the six-game pack his represented one-soth of the advance ticket sales) Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts including or -1 for each transaction, Note: Enter all amounts as positive values. Date July 15 Aly 15 August 1 November 3 November Cash Merchandise inventory Cab Cash Assets 9 novese O Ⓒ(-) O (-) decrease O 0 (0) nowane O 8.000 C 6.000 Ⓒ 450 Ⓒ 300 Sales laves payable Sess payable Uneamed ticke revenue Uneamed ticket revenue O Answer is not complete. Liabilities (¹) se ⒸenaO (4) Persse ⒸO 0000 0.000. 400+ 300. 80. terve Equity O() morsise 4
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