Ezios Earthenware Ltd lodges quarterly business activity statements with the taxation authority. Required (a) Record the journal
Question:
Ezios Earthenware Ltd lodges quarterly business activity statements with the taxation authority.
Required
(a) Record the journal entries during the March 2016 quarter for sales $6600 (including GST) and purchases $1210 (including GST).
(b) What is the journal entry to discharge the GST liability?
Step by Step Answer:
a The journal entries is as follows i Sales 6600 i...View the full answer
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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