ACC2363_Final Exam_Common Current Liabilities_PQ #8

pdf

School

Algonquin College *

*We aren’t endorsed by this school

Course

2363

Subject

Accounting

Date

Nov 24, 2024

Type

pdf

Pages

1

Uploaded by ok1807

Report
11/30/23, 2:56 PM Question View https://education.wiley.com/ng-practice-question-player/index.html#/?q=9523d2d8-aadf-4b7d-969c-13c4fd013d6d&t=MTMuMyBQcmFjdGljZSBRdWV… 1/1 View Policies Show Attempt History Your Answer Correct Answer (Used) Your answer is correct. Oriole Limited purchases merchandise for $152,000 plus GST of 5% ($7,600). The goods are later sold for $213,000 plus GST of 5% ($10,650). Prepare the journal entries to record the purchase of merchandise by Oriole and the subsequent sale to one of its customers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Inventory GST Receivable Accounts Payable (To record purchase of merchandise) Accounts Receivable GST Payable Sales Revenue (To record sale of merchandise on account) List of Accounts Attempts: 2 of 3 used 152000 7600 159600 223650 10650 213000
Discover more documents: Sign up today!
Unlock a world of knowledge! Explore tailored content for a richer learning experience. Here's what you'll get:
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help