1 Closing entries refer to: establishing zero balances in all ledger accounts. establishing a zero balance in the cash at bank account. establishing zero balances in the balance sheet accounts. establishing zero balances in the income statement accounts. all of the above. QUESTION 2 On 28 September 2014, Johnston Street Ltd sold on account 125 Laptops to Hoddle Road Ltd at $875 each plus GST on payment terms of 2/10, n/30. Johnston Street Ltd received payment for the sale on the 6 October 2014. Assuming Johnston Street Ltd is registered for GST and uses the Periodic inventory method for recording inventory, which journal entry for GST is correct for the payment received? Debit GST Receivables Credit- GST Receivables Debit GST Payables Credit - GST Payables GST accounts are not affected