GST/ QST/ HST Paid on Purchases Account

Question

2399 viewsMay 1, 2019Accounting

0

Ali (anonymous) Posted May 1, 2019

Hi Alan,
Is it correct to credit Receivable Account when registering GST/ QST/ HST Paid on Purchases?
Your help is highly appreciated,
Thanks
Ali

1 Answer

score 0 · Answer 1 · 2019-05-01T14:35:31+00:00

When GST/HST is collected, the GST/HST liability account is credited. Likewise, when input tax credits are claimed (for GST/HST paid on business expenditures), the GST/HST account is debited. The same applies to QST collected and paid.

GST/ QST/ HST Paid on Purchases Account

1 Answer

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