GST Clearing Accounts in Accounting: Definition & Examples

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question 1 of 3

When logging an entry for General Service Tax (GST) on a sale in Australia, why is the GST amount considered a liability?

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1. Your Australian business purchases inventory on credit for $5000, plus GST. What is the correct entry for the general journal?

2. You business sells goods for $22,500, plus GST. Which of the following is the correct entry in the general journal?

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