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Required Information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $19,000 of merchandise (costing $9,500) 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 $570 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth 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 -) for each transaction. Note: Enter all amounts as positive values. Date July 15 July 15 August 1 November 3 Assets Merchandise inventory (-) decrease 9.500 November 20 E E Liabilities 5 Prev of 18 Next > Equity K

Required Information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $19,000 of merchandise (costing $9,500) 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 $570 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth 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 -) for each transaction. Note: Enter all amounts as positive values. Date July 15 July 15 August 1 November 3 Assets Merchandise inventory (-) decrease 9.500 November 20 E E Liabilities 5 Prev of 18 Next > Equity K

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 7MCQ
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Required Information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $19,000 of merchandise (costing $9,500) 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 $570 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth 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 -) for each transaction. Note: Enter all amounts as positive values. Date July 15 July 15 August 1 November 3 Assets Merchandise inventory (-) decrease 9.500 November 20 E E Liabilities 5 Prev of 18 Next > Equity K
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] 1. On July 15, Piper Company sold $19,000 of merchandise (costing $9,500) 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 $570 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth 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 -) for each transaction. Note: Enter all amounts as positive values. Date July 15 July 15 August 1 November 3 Assets Merchandise inventory (-) decrease 9.500 November 20 E E Liabilities 5 Prev of 18 Next > Equity K
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