Question
Your GST control account from balance sheet has a balance of $500 which is equal to the GST liability in your BAS. What journal entry
Your GST control account from balance sheet has a balance of $500 which is equal to the GST liability in your BAS. What journal entry would you enter to record the payment of your GST liability?
a. DR GST paid/collected $500 CR Bank $500
b. DR Bank $500 CR GST paid/collected $500
c. Neither of these
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
