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Prepare sales tax collected from the sale to the government

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Question 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%

Question 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 2 transactions.

Advanced Ticket Sales                  4200

Total Games                                     8

Tickets Per game                           525

Reference no: EM132463324

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