Unit 4 Assignment 2- Post Journal Entries
brandon282011
AC216Unit4Assignment2-MiscEntries.xlsxMisc Entries
| Misc Entries | ||||
| 1. On July 15, Longview Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 7%. On August 1, Longview sent the sales tax collected from the sale to the government. Record entries for the July 15 and August 1 transactions. | ||||
| Sales | 25000 | |||
| Merchandise Cost | 12500 | |||
| Tax Rate | 7% | |||
| 2. On November 3, the El Paso Hound Dogs sold a six game pack of advance tickets for $4200 cash. On November 20, the Dogs played the first game of the 8 game pack (this represented one-eight of the advance ticket sales). Record the entries for the November 3 and November 20 transactions. | ||||
| Advanced Ticket Sales | 4200 | |||
| Total Games | 8 | |||
| Tickets Per game | 525 | |||
| No | Date | General Journal | Debit | Credit |
| 1 | 15-Jul | |||
| 2 | 15-Jul | |||
| 3 | 1-Aug | |||
| 4 | 3-Nov | |||
| 5 | 20-Nov | |||
