GST is credited to the GST collections account when a sale occurs. If goods are returned or a discount allowed the _______________ account must be debited with an adjustment for GST.
A) GST collections
B) GST outlays
C) purchases
D) discount received
Correct Answer:
Verified
Q15: Which statement relating to inventory is not
Q16: Simon sold goods to Lauren for $3300
Q17: Which of these should be classified as
Q18: The specific term used by a retailer
Q19: Under GST (Goods and Services Tax) legislation
Q21: To obtain the maximum possible benefit from
Q22: GST collected on sales is accumulated in
Q23: In Australia, where most accounting is computerised,
Q24: Jan sold goods to John for $3300
Q25: Under the perpetual inventory system inventory purchased
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