Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare general journal entries for the following four transaction GST is applicable, GST =15% 1. Inventory purchased from a supplier and paid for in cash.

Prepare general journal entries for the following four transaction【 GST is applicable, GST =15%】

1. Inventory purchased from a supplier and paid for in cash. The cost of the inventory was $150 798.

2. Inventory purchased from a supplier on credit. The total invoice amount was $173 418. 

3. Inventory sold to a customer for cash. The invoice total was $13 799.

4. Inventory sold to a customer on credit. The inventory sale price (GST exclusive) was     $11 999.

General journal entries for Entity Ltd
Date
Account names:

$ Dr

$ Cr

1













2


 










3













4












Step by Step Solution

3.44 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

The journal entries are shown below Given that the problem is silent as to the inventory system used ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

College Accounting

Authors: Heintz and Parry

20th Edition

1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192

More Books

Students also viewed these Accounting questions