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Record the journal entries for october and the journal entry

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Part a The following journal entry was recorded in the books of river limited. Show a detailed explanation of the nature and purpose of this journal entry.

DR GST collected 180

DR cash 20

CR GST paid 200

Brandon's bakehouse reported the following transactions for the month of October.

  1. Oct2 purchased inventory for $400( including GST)
  2. Oct 10 sold inventory for $850( including GST)
  3. Oct 16 purchased inventory for $340(including GST)
  4. Oct 25 sold inventory for $700( including GST)

Problem 1: Record the journal entries for October and the journal entry to discharge the GST liability.

Reference no: EM132822421

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