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Prepare journal entries for all the transactions

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Reference no: EM132784623

XYZ Ltd lodges quarterly business activity statements with the taxation authority. The following information is for the quarter ended 30 June 2019:

Total sales (including GST)                        $341,400
Total sales returns (including GST)                39,800
Total purchases (including GST)                  157,120
Total purchases returns (including GST)           16,720

Required:

Problem 1: Prepare journal entries for all the above transactions, as well as payment of GST to the taxation authority, using the GST Paid and GST Collected accounts.

Reference no: EM132784623

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