Accounting Test Review

Accounting Test Review - UsedNew Balance Sheet amount...

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Backdated New Balance Sheet amount Used up (Income Statement amount) Balance Sheet figure Accounting Test Review General Journal – called the books of original entry – a book in which accounting entries is recorded in chronological order The Opening Entry – the journal entry that starts the books off or opens them. It occurs on Page 1 on the first day of business. – See example in the book. Source Documents (chart on pg 172) – A business paper that shows the nature of a transaction and provides all info needed to account for it properly PST – Provincial Sales Tax 8% - retail sales tax based on the goods sold to a customer Purchaser – no effect Seller – charges, collects and remits (give to the government) Cash Sale Dr Cash Cr Revenue Cr PST Payable (Liability) Remitting Tax Dr PST Payable Cr Cash GST – Goods and Service Tax 7% - federal tax on sale of goods and services Seller – calculates, charges, remits Purchaser Dr Supplies Dr GST Recoverable Cr Bank Seller Dr Bank Cr GST Payable Cr Revenue Cr PST Payable
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This note was uploaded on 05/29/2010 for the course ACC 1223 taught by Professor Harv during the Spring '10 term at Morton College.

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Accounting Test Review - UsedNew Balance Sheet amount...

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