Question
1. Ink Etc. is a registered VAT Vendor. The company uses perpetual system. Vat is 15% Profit is 35% June 2 Inventory purchase $21,500 (excluding
1. Ink Etc. is a registered VAT Vendor. The company uses perpetual system. Vat is 15% Profit is 35% June 2 Inventory purchase $21,500 (excluding Vat) June 10 Inventory sold has inventory cost of $23,000 June 18 Inventory purchased for $18,000 (including Vat) June 29 According to stock taking, perpetual system is 61,500 Please prepare the journal entries for June 2021.
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College Accounting
Authors: Heintz and Parry
20th Edition
1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192
