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Eponine Co, a company registered for sales tax, purchased goods for cash of $400 net of sales tax. Sales tax has been correctly calculated as $80.
A manual journal entry containing only a debit to purchases of $400 was prepared by the financial accountant. The computerised accounting system automatically balanced this with a suspense account before processing it.
Help me with correct journal entry as well as with detailed explanation
Welcome to OpenTuition forums! You need to ask in the relevant forum here https://opentuition.com/forum/ask-acca-tutor-forums here perhaps https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-fa (This “General” forum is for “admin” rather than exam-specific questions.)
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