GST Is Credited to the GST Collections Account When a Sale

question 6

Multiple Choice

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

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Definitions:

Partnership Losses

Financial setbacks attributed to the operational or investment activities of a partnership that are shared among the partners according to their agreement.

Capital Contributions

Monetary or non-monetary assets provided by an owner or partner to increase the capital of a company or partnership.

General Partnership

A business structure where two or more partners share unlimited liability for the debts and obligations of the business.

RUPA

The Revised Uniform Partnership Act, which is a modern guide for the governance of partnerships, aiming to harmonize and modernize partnership law.