Answer:
Explanation:
The journal entries are shown below:
On July 15
Cash A/c Dr $10,400
    To Sales A/c $10,000
    To Sales tax payable A/c $400    ($10,000 × 4%)
(Being goods are sold on credit with sales tax)
On August 1
Cost of goods sold A/c Dr $5,000
   To Inventory A/c          $5,000
(Being goods are sold at cost)
On November 3
Cash A/c Dr $300
    To Unearned ticket revenue $300
(Being unearned revenue is recorded)
On November 30
Unearned ticket revenue $50        ($300 ÷ 6)
    To Ticket revenue A/c $50
(Being adjusting entry is recorded)
Answer:
A journal entry is used to record financial transactions of the business operations in a company's accounting records. The journal entries of Piper Co. is recorded below:
Explanation:
The screenshot of the journal entries is attached below for a clear understanding of the narration.
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