The following sales tax account has been provided by Claire for the quarter ended 31 December...
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The following sales tax account has been provided by Claire for the quarter ended 31 December 2008. The account was prepared by an inexperienced book keeper. Bal b/d (amount owing to the tax authority) Sales (sales tax element) Bal b/d ABCD D Sales Tax $ $21,025 debit $40,975 credit $21,025 credit $61,775 credit 22,900 387,500 410,400 What is the correct sales tax balance for the quarter ended 31 December 2008? 21,025 Bank (part payment on account to the tax authority) Purchases (sales tax element) Purchases returns (sales tax element) Bal c/d 10,400 369,000 9,975 21,025 410,400 (2 marks) The following sales tax account has been provided by Claire for the quarter ended 31 December 2008. The account was prepared by an inexperienced book keeper. Bal b/d (amount owing to the tax authority) Sales (sales tax element) Bal b/d ABCD D Sales Tax $ $21,025 debit $40,975 credit $21,025 credit $61,775 credit 22,900 387,500 410,400 What is the correct sales tax balance for the quarter ended 31 December 2008? 21,025 Bank (part payment on account to the tax authority) Purchases (sales tax element) Purchases returns (sales tax element) Bal c/d 10,400 369,000 9,975 21,025 410,400 (2 marks)
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C EXPLANATION The sales tax account should have a credit balance of 21025 at the end of the quarter ... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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