On July 15, Piper Company sold $10,000 of merchandise (costing $5,000) for cash. The sales...
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Accounting
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. 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).
Analyze each separate transaction by showing its effects on the accounting equationspecifically, identify the accounts and amounts (including + or ) for each transaction.
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