You are required to apply to correct GST code against the following business balances for the period January to March; the company uses the accrual basis when accounting for GST

Using a Business activity statement from ATO, You are required to apply to correct GST code against the

following business balances for the period January to March; the company uses the accrual basis when

accounting for GST. All of these amounts include GST if applicable.

Account Total amount

$

BAS code

Sales invoiced (inc. GST)

Sales 370,000

Exports 65,000

Other GST-free sales 16,800

Purchase invoices (inc. GST)

Assets purchased 60,700

Purchase of materials 115,200

General journal bills

Advertising 800

Electricity 1,200

Freight 580

Petrol for company vehicle 2,200

Salaries 45,000

Wages 120,000

PAYG withheld from salaries and wages 33,400

ATO-assessed income rate 3.60%

It is important that bookkeepers are able to calculate GST amounts accurately.

Calculate GST on an invoice received for payment of education fees; total invoice amount is $2,200