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As a grocery store, we are required to collect Goods and Services Tax (GST) from our customers. Additionally, we also incur GST expenses for our
As a grocery store, we are required to collect Goods and Services Tax (GST) from our customers. Additionally, we also incur GST expenses for our purchases. The amount we need to remit to the government is the difference between the GST collected from customers and the GST paid on our purchases. Could you please provide guidance on the complete accounting entry process for GST collection and remittance?
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