The University of Queensland Google Reporting Tue Mar 13 Accounting for GST Purchasing inventory: o Example: Retailer purchases 10 tables on credit from manufacturer for $440 (GST inclusive ventory (10 $400) T paid (an asset account) Accounts payable 4000 100 4400 To record purchase of furniture from the manufacturer) The University of Queensland Google Reporting Tue Mar 13 Accounting for GST Purchasing inventory: o Example: Retailer purchases 10 tables on credit from manufacturer for $440 (GST inclusive ventory (10 $400) T paid (an asset account) Accounts payable 4000 100 4400 To record purchase of furniture from the manufacturer)