You are a trader and examine the following extract from your accounting register; ***Opening balance of the
Question:
You are a trader and examine the following extract from your accounting register;
***Opening balance of the 'GST collected' account credited to $2,000. ***Opening balance of the 'Cash' account to the credit of $11,500.
Transactions of the day;
1)Sale $600 debit, GST collected $30 debit, and Cash $630 credit.
2)Sale $500 debit, GST collected $25 debit, Cash $225 credit and $300 Customer account credit
3) The customer in transaction #1 above will receive a refund of 50% of their purchase.
At the end of the day, you transfer the full balance of GST collected to the Government.
What is the balance in the Cash account at the end of the day?
Accounting
ISBN: 9780730363224
10th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Beattie Claire, Hellmann Andreas, Maxfield Jodie