For M Ltd the general journal entry for a sale of $3300, including GST, paid for by the customer with a bank issued credit card, is which of the following?

Question

Quizplus · Accepted Answer

The correct journal entry for a sale of $3300, including GST, paid for by the customer with a bank issued credit card is to debit the bank for the total amount received ($3300), credit sales for the amount excluding GST ($3000), and credit GST collected for the GST amount ($300). This reflects the increase in the company's bank balance due to the sale, records the revenue earned from the sale, and accounts for the GST collected on the sale.

For M Ltd the General Journal Entry for a Sale