Answer to Question #54479 in Economics for may gin

Question

1. Which budget is the GST amount transferred to:

For cash payment?
At the end of the period?

2. What is the closing accounts receivable amount? How is it?

3. Which budget is this transferred to?

Answer 1

1. For cash payment cash budget is used.
At the end of the period the sales budget is provided.
2. The closing accounts receivable amount equals zero, because this account should be closed at the end of the year.
3. This is transferred to the sales budget.