It is made up of all accounting changes for one transaction, in the form in which they are written up in the general journal
What is a journal entry
100
A business form showing the details of a transaction in which goods or services are sold to the customers
What is a cash sales slip
100
A business paper that shows the nature of a transaction and provides all information needed to account for it
What is a source document
100
These two liability accounts have to be paid to the government
What is GST and PST Payable
200
It is the first account recorded when making a journal entry
What is a debit account
200
A business paper that lists the money coming from customers
What is the cash receipts daily summary
200
A sales invoice and a purchase invoice
What is a invoice
200
They help take money directly from the cardholders bank account and transfer it to the business bank account
What is a Point Of Sales System
300
The journal entry that starts the books off, or "opens" the is known as a.....
What is a opening entry
300
A bank document informing the business of a decrease made in the business bank account
What is bank debit advice
300
A business will collect tax from its sales for a month, then remit it to the government
What is remitting sales tax
300
The cost principle states that the accounting for purchases must be at the cost price to the purchaser
What is the cost principle
400
It is the process of recording accounting entries in the journal
What is journalizing
400
Another common POS summary report
What is a transaction log
400
It helps the government raise funds, which are accumulated from a business sales
What is sales tax
400
The Goods and Services Harmonized sales Tax (GST/HST) Return For Registrants
What is a tax return form
500
Transactions occur, Transactions are recorded in a journal in order by date, The accounting entries are transferred to the ledger accounts.
What are the three steps in the accounting cycle
500
A document supporting the accounting entry for a payment by cheque
What is a cheque copy
500
1.Calculate the tax and add it to the normal price of goods
2.Collect the tax from the customer
3.Accumulate the sales tax in the PST payable account
4.Remit the sales tax to the government periodically
What are the responsibilities of the seller when administering the sales tax