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  3. 1. on july 15, piper company sold $10,000 of merch

1. On July 15, Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The...

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Accounting

1. On July 15, Piper Company 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. 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).

1. Record entries for the July 15 and August 1 transactions. 2. Record the entries for the November 3 and November 20 transactions.

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