Prepare general journal entries for the following four transaction【 GST is applicable, GST =15%】

1. Inventory purchased from a supplier and paid for in cash. The cost of the inventory was $150 798.

2. Inventory purchased from a supplier on credit. The total invoice amount was $173 418. 

3. Inventory sold to a customer for cash. The invoice total was $13 799.

4. Inventory sold to a customer on credit. The inventory sale price (GST exclusive) was     $11 999.

General journal entries for Entity Ltd
Date	Account names:	$ Dr	$ Cr
1
2
3
4

Answer rating: 100% (QA)

The journal entries are shown below Given that the problem is silent as to the inventory system used ... View the full answer