Question
Assume that 5% GST and 7% PST are due on a selling price of $3,800. The journal to record this sale is O debit AR
"Assume that 5% GST and 7% PST are due on a selling price of $3,800. The journal to record this sale is" O "debit AR $3,800 and debit GST Recoverable 190 and credit Sales $3,800 and Credit GST Payable 190* O "debit AR $4,256 and credit Sales $3,800 and credit GST Payable $190 and credit PST Payable $266"
O "debit AR $3,990 and credit Sales $3,800 and Credit GST Payable 190"
O "debit AR $3,800 and credit Sales $3,800"
O "debit AR $3,800 and debit GST Payable $190 and debit PST Payable $266 and credit Sales $4,256"
"Lucy Company receives a $5,000, 3-month, 12% note receivable from Katherine Company in settlement of an open accounts receivable. What entry will Lucy Company make at the start of the note?"
O "debit Note Receivable $5,000 and credit Accounts Receivable $5,000"
O "debit Note Receivable $5,150 and credit Accounts Receivable $5,000 and credit Interest Revenue $150"
O "debit Note Receivable $5,150 and credit Accounts Receivable $5,150*
O "debit Note Receivable $5,000 and credit Accounts Receivable $5,000 and debit Interest receivable $150 and credit Interest Revenue $150"
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