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periodic system VAT 10% Company A sold three types of products: May 5 Product X, taxable, at a price of 100,000,000 L.L. cash May 10
periodic system VAT 10%
Company A sold three types of products: May 5 Product X, taxable, at a price of 100,000,000 L.L. cash May 10 Product Y, taxable, at a price of 80,000,000 L.L. on account. May 20 Product Z, nontaxable, at a price of 150,000,000 L.L. on account June 1 Company A sold taxable products for 300,000,000 L.L. on account. June 5 Received 180,000,000 June 10 The customer declared bankruptcy and the remaining amount is confirmed as uncollectible. Instructions: 1. Journalize the transactions. 2. Calculate Total VAT required to be paid to the GovernmentStep by Step Solution
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