Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 12 On 23 August Ostrich Ltd paid $825 cash for an 18-month insurance policy including 10% GST. Which of the following is the general

image text in transcribed

QUESTION 12 On 23 August Ostrich Ltd paid $825 cash for an 18-month insurance policy including 10% GST. Which of the following is the general journal entry to record the payment? O Cash 750 Prepaid insurance 750 750 Prepaid insurance GST payable Cash 75 825 Prepaid insurance GST receivable Cash 750 75 825 Insurance expense GST payable Prepaid insurance 675 75 750

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Operational Auditing A Complete Guide

Authors: Gerardus Blokdyk

2019 Edition

0655515879, 978-0655515876

More Books

Students also viewed these Accounting questions

Question

Why do mergers and acquisitions have such an impact on employees?

Answered: 1 week ago

Question

2. Describe the functions of communication

Answered: 1 week ago