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 $ 25,000
Merchandise Cost $ 12,500

Tax Rate 7%

2. On November 3, the El Paso Hound Dogs sold a eight 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-eighth of the advance ticket sales). Record the entries for the November 3 and
November 20 transactions.

Advanced Ticket Sales $ 4,200

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