Question
A business sold some inventory on credit for $5,000 before taxes. The sale is subject to 5% goods and services tax (GST) and 7% provincial
A business sold some inventory on credit for $5,000 before taxes. The sale is subject to 5% goods and services tax (GST) and 7% provincial sales tax (PST). The business uses a perpetual inventory system. What is the amount that will be recorded in the GST payable account as a result of this sale?
Multiple Choice
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$250 debit
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$250 credit
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The Quest For A Science Of AccountingAn Anthology Of The Research Of Robert R. Sterling
Authors: Thomas A. Lee, Peter W. Wolnizer
1st Edition
0367698196, 9780367698195
