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Required information [The following information applies to the questions displayed below.] 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). Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts 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 $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) nalyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts cluding+ or -) for each transaction. (Enter all amounts as positive values.) Date Assets Liabilities July 15 July 15 August 1 November 3 November 20 Expulty