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Question: correct the red spaces to fix ledgers with the gst...

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This question carries on from the previous purchase transaction. Now we assume that we have sold 5 items for a total of 27500 (GST inclusive) on 30 July 2014 to ABC Pty Ltd on account. Terms are 2/10 n30. ABC Pty Ltd is your only debtor. Assume a perpetual average cost inventory system. All numerical answers should be in the format xxoxx (no symbols, spaces or commas). Dates should be entered as dd/mm/yy (eg 01/06/13) Which of the following are impacted by this transaction? Inventory| Yes # GST( Yes 수 Subsidiary Ledgers 1 No #): Which specialjournal will this transaction be recorded in? Sales Calculate the amount of GST 25,000- What is the most likely date that this transaction will be posted to: The General Ledger: 31/07/14 The subsidiary ledger: 30/07/14 Enter the transaction into the inventory records, the journal provided and post to the subsidiary ledger Purchases Inventory on Hand of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units ate 1/07/14 6/07/14 20 Unit Cost 2000 2400 otal Cost 10000 2500 50000 30/07/14 5500 x 275000 x 2400 700000 x 2/10 n30 x Journal (S1) Debits Credits # Dr COGS ate count Debited Post Ref AR Sales GST 30/07/14 ABC Pty Ltd 2750000 250000 x 2750000 x Subsidiary Ledger BC Pty Ltd ate 1/07/14 Ref Debit Credit Balance 5000 30/07/14 275000x 275000 280000 Post to the relevant accounts in the General Ledgen General Ledger ccounts Receivable ate 1/07/14 30/07/14 Ref Debit Credit Balance 5000 P1 nvento Ref Debi Credit Balance ate 1/07/14 1/07/14 35000 85000 P1 50000

Correct the red spaces to fix Ledgers

(with the GST rate being 10%)

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