The following transactions occurred during April for LAW company. (assume VAT is included at 18%) April...
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The following transactions occurred during April for LAW company. (assume VAT is included at 18%) April 3 Purchase of merchandise inventory on account 20.886 TL Sold merchandise inventory to a customer for cash 104.430 TL April 10 Required: a. Prepare the journal entries for the above transactions (assuming the VAT rate as 18%). b. Determine the VAT to be paid or carried forward to the next VAT period, and prepare the journal entry on May 25. Date Account Debit Credit I The following transactions occurred during April for LAW company. (assume VAT is included at 18%) April 3 Purchase of merchandise inventory on account 20.886 TL Sold merchandise inventory to a customer for cash 104.430 TL April 10 Required: a. Prepare the journal entries for the above transactions (assuming the VAT rate as 18%). b. Determine the VAT to be paid or carried forward to the next VAT period, and prepare the journal entry on May 25. Date Account Debit Credit I
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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