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The Shop has been operating using the gross purchases method under a perpetual inventory system. All of the Shop's suppliers are GST registered (15%), as well, and all purchases and sales take place on credit. Management has decided to use the James brand of basketball for this exercise. On 1 July, there was a balance of $2,300 in Accounts Payable relating to a James basketball purchase completed in June. Had the net purchases method been used, the balance would have been $2,254.
2 July Paid the Accounts Payable within the discount period.
Question 1: Assuming the Shop uses the gross purchases method, GST Clearing should be credited for what dollar amount? If you conclude GST Clearing should not be credited, enter zero as your answer.
Financial Statement Analysis and Preparation
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