6.1 - The Journal
6.2 - Source Documents
6.3 - HST

100

True or False? The debit accounts are indented in the Particulars column.

False.

100

What is a Source Document?

A business paper that shows the nature of transaction and provides all of the information needed.

100

What does HST stand for?

Harmonized Sales Taxes

200

What is the first entry of the journal called?

The Opening Entry.

200

What is the entry for a POS Summary

  • Debit Bank

  • Credit Sales

200

How much percent is GST?

GST is 5%.

300

What is the journal also known as?

The Book of Original Entry.

300

What is a remittance advice?

A form accompanying the cheque explaining the payment

300

Why does a business have a strong incentive to record HST paid?  

They get refunded for the HST they paid on purchases and reduce the tax they owe.

400

True or False? The days in the journal must be repeated no matter how many transactions happen in any given day.

True.

400

Why are most source documents numbered?

To ensure that no slips are lost, that none are used without being recorded, and that no false ones are made out. It is also used for easy reference

400

What is the entry to remit ? 

  • HST Payable - $1500

  • HST Recoverable - $1875

  • Debit : HST Payable - $1500

  • Debit : Bank - $375

  • Credit : HST Recoverable - $1875

500

Describe two things that the journal would provide other than a daily list of transactions.

Referencing, makes work organized for the clerk, makes everything neat.

500

Why is it important to meditate?

Because you gotta have energy flowing in your body.

500

What is another name for PST (Provincial Sales Tax)?

Another name is RST (Retail Sales Tax)