6. GST Jan. 4 purchased merchandise worth $1000 on credit Jan. 7 sold merchandise for $500...

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6. GST Jan. 4 purchased merchandise worth $1000 on credit Jan. 7 sold merchandise for $500 sales value, $250 cost, on credit Jan. 15 paid for the merchandise purchased on Jan 4 Feb. 1 received payment from the Jan. 7 transaction Feb. 28 remit GST to the government for January transactions Prepare the journal entries (5% GST needs to be added to above amounts) 6. GST Jan. 4 purchased merchandise worth $1000 on credit Jan. 7 sold merchandise for $500 sales value, $250 cost, on credit Jan. 15 paid for the merchandise purchased on Jan 4 Feb. 1 received payment from the Jan. 7 transaction Feb. 28 remit GST to the government for January transactions Prepare the journal entries (5% GST needs to be added to above amounts)

Answer rating: 100% (QA)

To prepare the journal entries for the given transactions with 5 GST we need to account for ... View the full answer