GENERAL LEDGER ENTRYS Flashcards
1
Q
CASH SALE
A
bank
—GST clearing
—sales
cost of sales
—inventory
2
Q
CREDIT SALE
A
accounts receivable - name
—GST clearing
—sales
cost of sales
—inventory
3
Q
CASH PURCHASE
A
inventory
GST clearing
—bank
4
Q
CREDIT PURCHASE
A
inventory
GST clearing
—account payable - name
5
Q
PAYMENT TO ACCOUNT PAYABLE (W/O DISCOUNT)
A
account payable - name
—bank
6
Q
PAYMENT TO ACCOUNT PAYABLE (WITH DISCOUNT)
A
account payable
—discount revenue
—bank
7
Q
PURCHASE RETURN
A
account payable - name
—GST clearing
—inventory
8
Q
CAPITAL CONTRIBUTION
A
bank
—capital
9
Q
SETTLEMENT OF GST
A
GST clearing
—bank
