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2.Question 7 1.00000 out of 1.00000 pointsA company sells merchandise for $20,000 cash on September 20. The sales tax law requires the company to collect 8.25% sales tax. What journal entry does the company make to record the sale and its applicable sales tax?
3.Question 8 1.00000 out of 1.00000 pointsWhat are a company's obligations called that are not expected to be paid within the longer of one year or the company's operating cycle?ResponseFeedback:Good work!oQuestion 9 1.00000 out of 1.00000 pointsOn October 31, a theater receives $2,000 in cash from advance ticket sales for 5 plays and credits Unearned Ticket Revenue. The first play is November 5 and represents one-fifth of the advance ticket sales. What journal entry does the theater make on November 5 to record the revenue earned for the first concert?