Question
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 | |||
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