New client, behind in GST remittances
they have a note from CRA which estimates what the GST amount will be, ie
net tax 300.00
arrears interest 28.00
so I would pay expenses for 340.00, and
db xxxxx 300.00
db non-deductible penalty 12.00
db bank/interest 28.00
would xxxxx be 2325 - the gst/hst adjustment account ?
presuming GST paid purchases is 0.00, and I record 7000.00 in sales
account 2310 (gst charged on sales) would have a 350.00 credit balance
is there a line on the GST remittance form to record the earlier 300.00 payment ?
or do I report
line 101 7,000 sales
line 103 50 gst collected
line 106 0 gst paid ITC