Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

please help me with this sum with explanations note GST in australia is 10% ACCIAIS - Homework Exercise X X Homework Help - Q&A from

please help me with this sum with explanations

note GST in australia is 10%

image text in transcribed
ACCIAIS - Homework Exercise X X Homework Help - Q&A from Or x + -> Ims.latrobe.edu.au/pluginfile.php/5984295/mod_resource/content/10/ACC1AIS%20-%20Homework%20Exercises%20week%202.pdf G Apps AmazonBrowserBar Lenovo Poketalk with Len... Wiley Australia: Fi... VitalSource Accou Financial Accounti... Chapter-4-CORE-... ProQuest Ebook C... ACC1AIS - Homework Exercises week 2.pdf 3/ 3 Exercise 3 - Journalise GST transactions PSA4.8 Journalise GST transactions. LO7 Kids + Kites Ltd sells all kinds of children's toys. The entity's accountant, Fred Heights, was preparing the information needed to account for the GST and report to the taxation authority for the quarter ending 31 March 2019, when he came down with a nasty flu and had to stay at home. You have been hired to take over Fred's role until he recovers. Before Fred fell ill, he prepared the following information for the quarter: Total sales (including GST) $70 700 Total sales returns (including GST) 1 400 Total purchases (including GST) 28 560 Purchase returns (including GST) 3 360 Required (a) Journalise the sales and purchases transactions, as well as payment of GST to the taxation authority, using the GST paid and GST collected accounts. +

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

9th Edition

1711

Students also viewed these Accounting questions