Question: please answer this correctly and in the same format Assume that the following business is registered for GST. For each of the following transactions, indicate
Assume that the following business is registered for GST. For each of the following transactions, indicate whether or not GST would be applicable, and if so, how much GST not applicable GST Payable GST Input Credit Transaction Example: Purchased stationery $77 Example: Bought milk and bread $44 GST-free Example: Sold inventory $330 Complete the table for the following: Received cash for sales $880 Sold goods to customer on credit account $550 Purchased office furniture $3 300 Paid amount owing to account payable $1 540 Interest revenue received into bank account $44 Paid for overseas flights for conference $1738 $7 $30
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
