Question 1 Thi Nguyen owns and operates a small beauty salon in the inner eastern suburbs of Melbourne. The business employs three employees and is registered for GST. The business is operated from rented premises. For the quarterended 31 December 2023, the following transactions were reported in the journals of the business: Receipts (inclusive of GST where appropriate) \table[[,$ incl GST], [Fees from clients,55,000], [Sale of dressing table,4,000], [,], [Total GSTLiability,]] Expenses (inclusive of GST where appropriate) \table [[,$ incl GST], [Rent, 7,000], [Repairs to laser equipment, 600], [Wages, incl PAYG withholding,65,000], [\table [[Wax, hair dye and makeup supplies (tax], [invoice not rec'd)]], 5,000], [New lounge furniture for waiting room,2, 500], [Hot Coffee from the shop next door for the clients, 300],[Repayments of business loan, 3,000]] Required: Part A Determine the net amount for the quarter ended 31 December 2023,assuming that a valid tax invoice has been provided unless stated otherwise. Question 1Thi Nguyen owns and operates a small beauty salon in the inner eastern suburbs ofMelbourne. The business employs three employees and is registered for GST. Thebusiness is operated from rented premises. For the quarter ended 31 December 2023, thefollowing transactions were reported in the journals of the business:Receipts (inclusive of GST where appropriate)$ incl GSTFees from clientsSale of dressing tableTotal GST LiabilityExpenses (inclusive of GST where appropriate)55,0004,000$ incl GST7,00060065,0005,000RentRepairs to laser equipmentWages, incl PAYG withholdingWax, hair dye and makeup supplies (taxinvoice not rec'd)New lounge furniture for waiting roomHot Coffee from the shop next door for the clientsRepayments of business loanRequired:Part A2,5003003,000Determine the net amount for the quarter ended 31 December 2023, assuming that avalid tax invoice has been provided unless stated otherwise.

Goods and Services Tax (GST) is a consumption tax levied on the supply of goods and services in many…

Answered: Part A Determine the net amount for the…

Part A Determine the net amount for the quarter ended 31 December 2023, assuming that a valid tax invoice has been provided unless stated otherwise.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5PA: Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...

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