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E4.11 as highlighted The adjusted trail balance of Snuffy Pty Ltd shows these data pertaining to sales at the end of its financial year, 30
E4.11 as highlighted
The adjusted trail balance of Snuffy Pty Ltd shows these data pertaining to sales at the end of its financial year, 30 June 2015: sales $585 000: freight-out $7800: sales returns and allowances $9100: and discount allowed $7800. Prepare the sales revenue section of the statement of profit or loss. Ezios Earthenware Ltd lodges quarterly business activity statements with the taxation authority. (a) Record the journal entries during the March 2016 quarter for sales $6600 (including GST) and purchases $1210 (including GST). (b) What is the journal entry to discharge the GST liability? Phams Pottery Ltd reported the following transactions for May: May 3 Purchased inventory for $440 (including $40 GST). 10 Sold inventory for $550 (including $50 GST). Record the journal entries for May and the journal entry to discharge the GST liability. Use the data provided in E4.11 to answer the following questions: (a) Record the journal entries for the March quarter assuming the company uses a GSTStep by Step Solution
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