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Accounting

11th

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5 Terms

1
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When purchasing merchandise,,
DR - Purchases

DR - HST Recoverable

CR - Bank or A/P
2
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When returning merchandise,,Buyer POV
DR - A/P

CR - Purchases

CR - HST Recoverable
3
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When returning a SALE (not merchandise) Seller POV
DR - Sales

DR - HST Payable

CR - A/R
4
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When making a SALE (not merchandise) Seller POV
DR - A/R

CR - Sales

CR - HST Payable
5
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(Buyer) When your paying off a purchase invoice for MERCHANDISE, on discount
DR - A/P

CR - Discount Earned

CR - Bank