The following journal entry was recorded in the books of Sellers Limited. Explain the nature of this
Question:
The following journal entry was recorded in the books of Sellers Limited.
Explain the nature of this journal entry.
Transcribed Image Text:
Dr Cr Cr GST Collected GST Paid Cash 100 90 10
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (9 reviews)
ANSWER This journal entry is to record the sale of goods ...View the full answer
Answered By
Aketch Cindy Sunday
I am a certified tutor with over two years of experience tutoring . I have a passion for helping students learn and grow, and I firmly believe that every student has the potential to be successful. I have a wide range of experience working with students of all ages and abilities, and I am confident that I can help students succeed in school.
I have experience working with students who have a wide range of abilities. I have also worked with gifted and talented students, and I am familiar with a variety of enrichment and acceleration strategies.
I am a patient and supportive tutor who is dedicated to helping my students reach their full potential. Thank you for your time and consideration.
0.00
0 Reviews
10+ Question Solved
Related Book For
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
Question Posted:
Students also viewed these Business questions
-
The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note. PAGE 22 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT...
-
The following journal entry summarizes for the current year the income tax expense of Wilsons Software Warehouse: Income Tax Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
The following journal entry summarizes for the current year the income tax expense of Sophie's Software Warehouse. Income tax expense..................................................1,500,000 Cash...
-
Discuss the different sampling procedures and techniques that you will apply to the qualitative and quantitative phases of the study.
-
Working in small groups, discuss your experience with giving gifts at work. Have you ever given or received a gift in a workplace? Who were the people involved, and what were the gifts? Discuss...
-
Two companies manufacture a rubber material intended for use in an automotive application. The part will be subjected to abrasive wear in the field application, so we decide to compare the material...
-
A vapour absorption system has a source temperature of 110C, the refrigeration temperature of 5C, and ambient temperature of 35C. Calculate its COP.
-
Assume that HOS could issue a zero coupon bond at an annual interest rate of 4 percent with semiannual compounding for 20 years. If HOS receives $ 2,264.45 for the bond, how much would it have to pay...
-
Managerial accounting is important for small businesses in several ways. The planning and decision-making support are considered a critical aspect of managerial accounting (Dearman, Lechner, &...
-
For each control, identify the assertion for which the control is designed to prevent, or detect. and correct misstatements. a. Occurrence of sales. f. Cutoff of sales. b. Rights and obligations for...
-
Financial information is presented here for two entities: Required (a) Fill in the missing amounts. Show all calculations. (b) Calculate the profit margin ratio, gross profit ratio, and operating...
-
Sonya Packovski was hired as the assistant accountant of Delicacy Foods, a gourmet food business that has nine retail stores concentrated in one city. Among other things, the payment of all invoices...
-
The plaintiff, a Los Angeles manufacturer of mens clothing, sold a variety of clothing to the defendant, a retailer in Westport, Connecticut. The plaintiff prepared four invoices covering the...
-
What are some tips/strategies people can use to boost their savings and their retirement funds?
-
Based on your analysis, you expect Line Ltd. to pay dividends of $1, $2, and $3 over the next three years. At that time, you expect Line Ltd. and its dividend payment to grow at a constant rate of 7%...
-
Explain how a deviation from a cash-flow budget could lead to larger interest charges for a nonrevolving line of credit, even if the loan was originally designed at the beginning of the year to be...
-
In mid-December 2020, the S&P Global Rating took 236 rating actions in banking, 193 in the energy sector, and 60 for sovereign issuers. What did these actions entail?
-
Would northern European cultures be likely to demonstrate familism? Why or why not?
-
Find the successors of the following sets. a) {1, 2, 3} b) c) {} d) {, {}}
-
A company produces earbuds. The revenue from the sale of x units of these earbuds is R = 8x. The cost to produce x units of earbuds is C = 3x + 1500. In what interval will the company at least break...
-
How is the situation analysis different from the data collection step? Can both these steps be done at the same time to obtain answers sooner? Is this wise?
-
Distinguish between primary data and secondary data and illustrate your answer.
-
With so much secondary information now available free or at low cost over the Internet, why would a firm ever want to spend the money to do primary research?
-
After the company issues an initial public offering and they desire to offer additional shares, one option is the seasoned equity offering. What are the differences between a convertible bond and a...
-
4. A stock provides a dividend yield of 5.0% paid semi- annually. The spot price of the stock is currently $500, and the risk-free rate is 7.5% with continuous compounding for all maturities. 1. What...
-
1. A 1000 bond issued on January 10, 2021 is paying coupons at a nominal interest rate of 7% payable semiannually. The bond is redeemed at par and matures on January 10, 2031. The nominal yield rate...
Study smarter with the SolutionInn App