ACCT1210 - CH. 11

obligations due within one year

obligations longer than one year period are called

_ is arranged with a financial institution and is drawn upon when needed:

- have cash available in case of a temporary cash shortfall

- interest is payable only on the amount of this that is actually used

GST/HST charged: tax is collected by the business SELLING the taxable good service.

We record this as:

• GST/HST Recoverable

• GST/HST Payable

GST/HST paid on purchases: tax that the businesses have to pay on their PURCHASES

We record this as:

• GST/HST Recoverable

• GST/HST Payable

GST Payable

• current asset

• current liabilities

GST recoverable

• current asset

• current liabilities

Sales tax payable is an (current liability) account used only for collecting tax on behalf of the _

another name for "unearned revenues"

Unearned revenue is a _ because it represents an obligation to provide a good/service