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Last updated 10:57 AM on 1/23/23
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5 Terms
1
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When purchasing merchandise,,
DR - Purchases
DR - HST Recoverable
CR - Bank or A/P
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
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
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
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
CR - Discount Earned
CR - Bank
Note 
Flashcards (63)