Problem
I have a question regarding two separate parts of general journal recording transactions, for 1. Online customer paid $11,616 (GST inclusive) for some VR headsets and picked up the headsets the same day, what is the dr and cr? I have put inventory as dr, GST paid as dr, and account payable as cr or should I have put cost of goods as dr instead of inventory? Next part i'm confused on is the owner decided to pay off all debt outstanding to LoL corporation including any payables at the beginning of the month. How would I go about answering this?