The following journal entry was recorded in the books of Sellers Limited. Explain the nature of this
Question:
The following journal entry was recorded in the books of Sellers Limited.
Explain the nature of this journal entry.
Transcribed Image Text:
Dr Cr Cr GST Collected GST Paid Cash 100 90 10
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (10 reviews)
ANSWER This journal entry is to record the sale of goods ...View the full answer
Answered By
Aketch Cindy Sunday
I am a certified tutor with over two years of experience tutoring . I have a passion for helping students learn and grow, and I firmly believe that every student has the potential to be successful. I have a wide range of experience working with students of all ages and abilities, and I am confident that I can help students succeed in school.
I have experience working with students who have a wide range of abilities. I have also worked with gifted and talented students, and I am familiar with a variety of enrichment and acceleration strategies.
I am a patient and supportive tutor who is dedicated to helping my students reach their full potential. Thank you for your time and consideration.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
Question Posted:
Students also viewed these Business questions
-
The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT...
-
The following journal entry summarizes for the current year the income tax expense of Wilsons Software Warehouse: Income Tax Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
The following journal entry summarizes for the current year the income tax expense of Sophie's Software Warehouse. Income tax expense..................................................1,500,000 Cash...
-
Discuss the different sampling procedures and techniques that you will apply to the qualitative and quantitative phases of the study.
-
Working in small groups, discuss your experience with giving gifts at work. Have you ever given or received a gift in a workplace? Who were the people involved, and what were the gifts? Discuss...
-
The completed financial statement columns of the worksheet for Bray Company are shown as follows. Instructions a. Prepare an income statement, an owners equity statement, and a classified balance...
-
2. The unrealized profits in the year-end 2016 and 2017 inventories were: a $100 and $125, respectively b $80 and $100, respectively c $20 and $25, respectively d $16 and $20, respectively
-
Mary, a single taxpayer, purchased 10,000 shares of 1244 stock several years ago at a cost of $20 per share. In November of the current year, Mary receives an offer to sell the stock for $12 per...
-
On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $24,760 of office salaries and $70,840 of sales salaries....
-
Kathy, an accrual basis taxpayer, operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $300 ($300/12 = $25 per month); a...
-
Financial information is presented here for two entities: Required (a) Fill in the missing amounts. Show all calculations. (b) Calculate the profit margin ratio, gross profit ratio, and operating...
-
Sonya Packovski was hired as the assistant accountant of Delicacy Foods, a gourmet food business that has nine retail stores concentrated in one city. Among other things, the payment of all invoices...
-
Which thread is responsible for processing events in Java?
-
Sample for a Poll There are 30,488,983 Californians aged 18 or older. If The Gallup organization randomly selects 1068 adults without replacement, are the selections independent or dependent? If the...
-
Part A: You have successfully graduated Conestoga College and have joined a public accounting firm in their tax department. You have been assigned to work on a project with Emily Wilson, one of the...
-
Write a program that gets a list of integers from input, and outputs negative integers in descending order (highest to lowest). Ex: If the input is: 10 -7 4-39 -6 12 -2 the output is: -2-6-7-39 For...
-
The manager of a division that produces add-on products for the automobile industry had just been presented the opportunity to invest in two independent projects. The first is an air conditioner for...
-
4. We are interested in the effect on test scores of the student-teacher ratio (STR). The following regression results have been obtained using the California data set. All the regressions used...
-
The magnitude M of a star is modeled by where I0 is the intensity of a just-visible star and I is the actual intensity of the star being measured. The dimmest stars are of magnitude 6, and the...
-
A non-charmed baryon has strangeness S = 2 and electric charge Q = 0. What are the possible values of its isospin I and of its third component I z ? What is it usually called if I = 1/2?
-
How is the situation analysis different from the data collection step? Can both these steps be done at the same time to obtain answers sooner? Is this wise?
-
Distinguish between primary data and secondary data and illustrate your answer.
-
With so much secondary information now available free or at low cost over the Internet, why would a firm ever want to spend the money to do primary research?
-
Practicum Co. pad $1.2 million for an 80% interest in the common stock of Sarong Co. Practicum had no previous equity interest in Sarong. On the acquisition date, Sarong's identifiable net assets had...
-
On Dec 31 2020, Bernice Melson, a partner in ABC Communications, had an ending capital balance of $49,000. Her share of the partnership's profit was $18,000; she made investments of $12,000 and had...
-
Q2R. on account for each depreciable asset. During 2024, Jane VIIS nsactions.) i More Info Apr. 1 Purchased office equipment. 5111,000. Paid 581,000 cash and financed the remainder Jan. 1 with a note...
Study smarter with the SolutionInn App