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Flashcards in General Journal Entries Deck (4)
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Moving from single entry to double entry

Debit all Asset accounts, Credit all Liability accounts and then Credit Capital with the difference of A-L.


Paid ATO for GST Settlement of $1000

Debit: GST Clearing $1000
Credit: Bank $1000


Sales Return of inventory, selling price of $660 including GST (100% mark up on cost price)

Debit: Inventory $300, Sales $600, GST Clearing $60
Credit: Accounts Receivable $660, Cost of sales $300


Unearned revenue, that is now earned

Debit: Unearned revenue, Bank or A/C Rec, Cost of sales
Credit: Sales, GST Clearing, Inventory