chapter 11

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Accounting

11th

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10 Terms

1
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cash sales slip
DR - Bank

CR - HST Payable

CR - Sales
2
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Point of Sales Summary
DR - Bank

CR - Sales
3
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Cash Receipts Daily
DR - Bank

CR - Separately for each A/R
4
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Sales Invoice
DR - A/R\*

CR - Sales

CR - HST Payable
5
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Cheque Copy
DR - Owner’s Drawings, A/P, Asset, Expense, HST Recoverable\*\*

CR - Bank
6
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Purchase Invoice
DR - Asset/Expense Account

DR - HST Recoverable

CR - A/P\*\*
7
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Bank Debit Advice
DR - Bank Charges (Expense)

CR - Bank
8
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Bank Credit Advice
DR - Bank

CR - Interest Earned
9
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Purchase Returns & Allowances
Contra Expense Account = CR Balance

\*\*found on COGs section
10
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Sales Returns & Allowances
Contra Revenue Account = DR Balance

\*\*found in revenue section of i/s