Goods and services tax (GST): The company is a registered entity for GST purposes and accounts for GST on an accrual basis. As a small business, Hi-Fi Way pays GST in quarterly instalments and no GST is due to be remitted in the month of June. In the transaction list, all prices of goods and services that are subject to GST are quoted inclusive of 10% GST unless specifically noted otherwise. In the list of adjusting entries, all prices are quoted exclusive of GST.