Required information (The following information applies to the questions displayed below,) 1. On July 15, Piper Company sold $29,000 of merchandise (costing $14,500) 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 $870 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales) salyze each separate transaction by showing its effects on the accounting equation-specifically, identify the counts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.)

Required information (The following information applies to the questions displayed below,) 1. On July 15, Piper Company sold $29,000 of merchandise (costing $14,500) 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 $870 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales) salyze each separate transaction by showing its effects on the accounting equation-specifically, identify the counts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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