GST Transactions/Statement of Account Flashcards
How is a GST settlement recorded in the ledger of a GST clearing account?
Debit side; Bank; Amount (reflects opening balance)
How is a GST refund recorded in the ledger of a GST clearing account?
Credit side; Bank; Amount (reflects opening balance)
How is GST on cash sales recored in the ledger of a GST clearing account?
Credit side; Bank; Amount
How is GST on credit sales recorded in the ledger of a GST clearing account?
Credit side; Account Receivable; Amount
How is GST on cash purchases recorded in the ledger of a GST clearing account?
Debit side; Bank; Amount
How is GST on credit purchases recorded in the ledger of a GST clearing account?
Debit side; Account Payable; Amount
How is GST on sales returns recorded in the ledger of a GST clearing account?
Debit side; Account Receivable; Amount
How is GST on purchase returns recorded in the ledger of a GST clearing account?
Credit side; Account Payable; Amount
What is the cross reference of an invoice recorded in a statement of account? (ACCOUNT RECEIVABLE)
Sales/GST clearing
What is the cross reference of a credit note recorded in a statement of account? (ACCOUNT RECEIVABLE)
Sales returns/GST clearing
What is the cross reference of a payment received recorded in a statement of account? (ACCOUNT RECEIVABLE)
Bank
What is the cross reference of a payment received and discount allowed recorded in a statement of account (ACCOUNT RECEIVABLE)?
Bank/Discount Expense
Where are the debit and credit sides of a statement of account recorded in the ledger of an account receivable?
Debit side = Debit Side
Credit Side = Credit Side
Where are the debit and credit sides of a statement of account recorded in the ledger of an account payable?
Debit Side = Credit Side
Credit Side = Debit Side
What is the cross reference of an invoice recorded in a statement of account? (ACCOUNT PAYABLE)
Inventory/GST Clearing
