Use the data provided in E4.11 to answer the following questions. Required a. Record the journal entries for the March quarter assuming the company uses
Use the data provided in E4.11 to answer the following questions. Required a. Record the journal entries for the March quarter assuming the company uses a GST clearing account b. Record the journal entry to discharge the GST liability assuming the company uses a GST clearing account
4.11 Ezios Earthenware Ltd lodges quarterly business activity statements with the taxation authority. Required a. Record the journal entries during the March 2019 quarter for sales $6600 (including GST) and purchases $1210 (including GST). b. What is the journal entry to discharge the GST liability? Ezios Earthenware Ltd lodges quarterly business activity statements with the taxation authority. Required a. Record the journal entries during the March 2019 quarter for sales $6600 (including GST) and purchases $1210 (including GST). b. What is the journal entry to discharge the GST liability?
Dr accounts receivable 6,600
Cr GST collected 600
Cr Sales 6,000
Dr Inventory 1,100
Dr GST paid 110
Cr Bank 1,210
b)Dr GST collected 600
Cr GST paid 110
Cr Cash 490
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