2013年10月2日星期三

Journal Entry Help - Paying invoice with Accounts Payable and GST Payable?!?

  • input output management
  • input and output storage
  • journal of hospital infection
  • billing accounts payable
Hi,


If I am the customer: TI, and I have received an Invoice from IBM for IT Consulting:$6700, and GST $335 for a total of $7035 what is my journal entry??


DR Gst Payable (or recoverable?) 335

DR Consulting expense 6700

CR Accounts Payable 7035


then when the invoice is paid it would be:


DR Accounts Payable 7035

CR Cash 7035

CR GST Payable 335

and then it doesnt balance??? I am not sure how to do this so the correct entries would be greatly appreciated!! Thanks

Journal Entry Help - Paying invoice with Accounts Payable and GST Payable?!?

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