Recording known current liabilities c2 1. 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. 2. 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

The Journal entries are as follows:

1.

(a) On July 15,

(i) Cash A/c        Dr. $10,400

To sales                                   $10,000

To sales tax payable              $400

(To record sales)

(ii) Cost of goods sold A/c     Dr.  $5,000

To Inventory A/c                                         $5,000      

(To record cost of goods sold)

(b) On August 1,

Sales tax payable A/c   Dr. $400

To cash                                          $400

(To record payment of sales tax)

2.

(i) On November 3,

cash A/c             Dr. $300

To Unearned ticket revenue    $300

(To record revenue)

(ii) On November 20,

Unearned ticket revenue A/c   Dr. $50

To ticket revenue                                    $50

(To record adjusting entry)

ppl need to answer actual need with things now not tomorrow

answer; blank (1) hrm specialists,blank(2); line managers;