GST applies to this question. For ACCTG 211 purposes, GST is only applicable to the purchase and sale of inventory. The perpetual inventory system is used for inventory. There are no dollar amounts in this question; you are expected to place a cross (X) in the appropriate debit/credit general journal dollar column. Prepare general journal entries for transactions (a) to (h) below: (a) Depreciation expense for the current month. (b) Sale of an item of machinery (PPE) for cash, this resulted in a loss on sale. (c) Payment of accounts payable. (d) The directors declared a dividend. (e) Cash received from customers; they had purchased inventory last month on credit. (f) Accrue interest expense for the current month. (g) A specific bank loan was arranged to purchase an item of PPE, and the item was purchased. (h) Wages were paid; a portion of which was accrued last month. Question 7 (Revision of ACCTG 102) GST applies to this question. For ACCTG 211 purposes, GST is only applicable to the purchase and sale of inventory. The perpetual inventory system is used for inventory. There are no dollar amounts in this question; you are expected to place a cross (X) in the appropriate debit/credit general journal dollar column. Prepare general journal entries for transactions (a) to (h) below: (a) Depreciation expense for the current month. (b) Sale of an item of machinery (PPE) for cash, this resulted in a loss on sale. (c) Payment of accounts payable. (d) The directors declared a dividend. (e) Cash received from customers; they had purchased inventory last month on credit. (f) Accrue interest expense for the current month. (g) A specific bank loan was arranged to purchase an item of PPE, and the item was purchased. (h) Wages were paid; a portion of which was accrued last month. GST applies to this question. For ACCTG 211 purposes, GST is only applicable to the purchase and sale of inventory. The perpetual inventory system is used for inventory. There are no dollar amounts in this question; you are expected to place a cross (X) in the appropriate debit/credit general journal dollar column. Prepare general journal entries for transactions (a) to (h) below: (a) Depreciation expense for the current month. (b) Sale of an item of machinery (PPE) for cash, this resulted in a loss on sale. (c) Payment of accounts payable. (d) The directors declared a dividend. (e) Cash received from customers; they had purchased inventory last month on credit. (f) Accrue interest expense for the current month. (g) A specific bank loan was arranged to purchase an item of PPE, and the item was purchased. (h) Wages were paid; a portion of which was accrued last month. Question 7 (Revision of ACCTG 102) GST applies to this question. For ACCTG 211 purposes, GST is only applicable to the purchase and sale of inventory. The perpetual inventory system is used for inventory. There are no dollar amounts in this question; you are expected to place a cross (X) in the appropriate debit/credit general journal dollar column. Prepare general journal entries for transactions (a) to (h) below: (a) Depreciation expense for the current month. (b) Sale of an item of machinery (PPE) for cash, this resulted in a loss on sale. (c) Payment of accounts payable. (d) The directors declared a dividend. (e) Cash received from customers; they had purchased inventory last month on credit. (f) Accrue interest expense for the current month. (g) A specific bank loan was arranged to purchase an item of PPE, and the item was purchased. (h) Wages were paid; a portion of which was accrued last month
