Studied by 2 people
When purchasing merchandise,,
DR - Purchases
DR - HST Recoverable
CR - Bank or A/P
When returning merchandise,,Buyer POV
DR - A/P
CR - Purchases
CR - HST Recoverable
When returning a SALE (not merchandise) Seller POV
DR - Sales
DR - HST Payable
CR - A/R
When making a SALE (not merchandise) Seller POV
DR - A/R
CR - Sales
CR - HST Payable
(Buyer) When your paying off a purchase invoice for MERCHANDISE, on discount
DR - A/P
CR - Discount Earned
CR - Bank
Note
Flashcard