Gas Receipts Bookkeeping Question

by Cherie
(Ontario, Canada)

Gas Receipts

When recording gas receipts, what type of expense are they - vehicle, travel, un-categorized?

Gas Receipts and Lunch Receipts

Hi, Example I keep my gas receipts for the month. I keep my client lunch receipts for the month.
I have to submit HST taxes quarterly in Ontario Canada.

My first question is do I subtract the HST/gst tax I paid for the gas for the month from the taxes I collected? Second question is for the lunches, we are able to technically write off 50% of our business lunch meals, so do I subtract 50% of the taxes I paid for the lunches from the taxes I collected in my sales in my remittance?

Thanks

Gas Station Accounting

by Dee
(Vermont, USA)

The gas at my gas station is not inventory. It is owned by Sunoco.

As an example - say I sell $5000 of gas in a day - of this amount $50 is my take on the sales and the other $4950 is due to Sunoco.

I am trying to figure what the GL entries would be - do I count the $5000 as income and the
$4950 a Cost of Goods Sold with the $50 balance being a deposit???

Or is only the $50 income (increase income by $5000 then reduce income by $4950) with the offset being the deposit??

Then if I throw in customer Sunoco discounts that they receive at the pump. As an example if I sell $5000 of gas in a day with a discount given to customers of $100 and my take amount of $50.

Would the discount amount be an expense item, or a reduction in the income item or a cost of goods sold item?

Thank you for your assistance,

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