Journal Entries for Self-Assessed HST on Capital Item

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Posts: 2
Joined: 13 Apr 2018 06:44
Product: Gold
Region: Canada

Journal Entries for Self-Assessed HST on Capital Item

Post by ron.guttman » 13 Apr 2018 06:53

I purchased a capital item that was imported as so must self-assess the HST. For this discussion, let's just assume the the HST on the purchase is $100.

This amount would be credited to the "HST Collected" account as this amount becomes payable after the clearing entry is posted.

The question is: What account is to be debited?

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