Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4,6 I need the answer as quick as possible For the following joumal entry: Debit Stationery $1,000 Debit GST Clearing $100 Credit Account payable (creditors)

4,6 I need the answer as quick as possible
image text in transcribed
image text in transcribed
For the following joumal entry: Debit Stationery $1,000 Debit GST Clearing $100 Credit Account payable (creditors) $1,100 Choose the most correct narration: Select one o a. Purchase stationery on credit $1,100 GST inclusive O b. Purchase stationery for cash $1,000 plus GST c. Purchase stationery on credit $1,100 GST exclusive d. Owner contributes $1,100 in stationery Phillip's Tie Shop is supporting the local community by donating goods to the local sports dub fundraiser. On 5 February, the owner, Phillip, provided the following goods. Narration is required. ITEM COST PRICE SELLING PRICE Silk tie $50 $90 Polyester tie $35 $65 3-pack of ties $80 $120 DRAG and DROP to prepare a journal entry for this transaction: Debit Credit Inventories (stock) $275 Advertising $275 Inventories (stock) $165 Advertising $165 Donation $275 Donation $165

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Auditing

Authors: Athmane Mokhbi

1st Edition

B09LGTJJFG, 979-8763532265

More Books

Students also viewed these Accounting questions

Question

What are factors of productions

Answered: 1 week ago