ness On January 3, 2022, Crown Co. purchased goods on account for P2,240,000, VAT-inclusive. On January 23, 2022, Crown Co. sold goods to customers on account for 5,000,000, VAT-exclus On January 31, 2022, Crown Co. determine its VAT payable. On February 20, 2022, Crown Co. paid its VAT liability. Require: Prepare the journal entries for above transactions. Both the employee's and the employer's shares for contributions are required in the journal entries.
ness On January 3, 2022, Crown Co. purchased goods on account for P2,240,000, VAT-inclusive. On January 23, 2022, Crown Co. sold goods to customers on account for 5,000,000, VAT-exclus On January 31, 2022, Crown Co. determine its VAT payable. On February 20, 2022, Crown Co. paid its VAT liability. Require: Prepare the journal entries for above transactions. Both the employee's and the employer's shares for contributions are required in the journal entries.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 6EA: Elegant Electronics sells a cellular phone on September 2 for $450. On September 6, Elegant sells...
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