WK1 L Flashcards
1
Q
What is the purpose of EARLE?
A
Tells us where things go
2
Q
What side (D/C) is the normal account balance?
A
Matches the increase
3
Q
What is the increase (EARLE)
A
Increase is the side it goes up on EARLE (D/C)
4
Q
What is HST
A
Harmonized Sales Tx = 13%
*BC is 12%
5
Q
What is Step 1 for ledger entry?
A
Calculate Tax
6
Q
What Step 2 for ledger entry?
A
Create T charts and add info to relevant spaces
7
Q
What is the last step for ledger entry?
A
Add together each column and add all the purchases + HST to ensure Left=Right.
