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The 10% GST is applicable in this question. The perpetual system is used. The business entity sold inventory on account for $22,000 (GST inclusive), cost
The 10% GST is applicable in this question. The perpetual system is used. The business entity sold inventory on account for $22,000 (GST inclusive), cost $11,000 (GST inclusive), terms 2/10, n/30.
The general journal entry to record this transaction includes which of the following?
A) Dr Accounts Receivable $24,200 B) Cr GST Receivable $2,000 C) Cr GST Payable $2,200 D) Dr Cost of Sales $10,000
please provide correct answer and explanation
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