Question
PLEASE HELP ME ANSWER Question 1 (1 point) GST Collected is an owner's equity account with a debit balance. Question 1 options: True False Question
PLEASE HELP ME ANSWER
Question 1 (1 point)
GST Collected is an owner's equity account with a debit balance.
Question 1 options:
True | |
False |
Question 2 (2 points)
Use the following information to answer the questions below:
Sales $73,400
HST Collected 9,542
Sales Discount 1,500
Sales Returns and Allowances 900
Delivery Expense 700
Question:
The Net Sales are ________.
Question 3 (1 point)
Provincial Sales Tax Payable is a
Question 3 options:
contra-asset account with a credit balance. | |
liability account with a credit balance. | |
liability account with a debit balance. | |
contra-asset account with a debit balance. |
Question 4 (2 points)
Determine the amount of cash collected at the time of making a cash sale of $9,220 worth of merchandise subject to 13% HST.
Question 4 options:
Answer:__________
Question 5 (1 point)
The liability account used to record GST owed is
Question 5 options:
Prepaid Taxes. | |
Sales. | |
Sales Tax Expense. | |
GST Payable. |
Question 6 (1 point)
Provincial Sales Tax Payable represents an asset on the books of the seller.
Question 6 options:
True | |
False |
Question 7 (1 point)
PST Payable is a Liability Account.
Question 7 options:
True | |
False |
Question 8 (2 points)
Determine the amount of revenue to record at the time of making a cash sale of $9,220 worth of merchandise subject to 13% HST.
Question 8 options:
Answer:_______
Question 9 (1 point)
The liability account used to record HST owed is
Question 9 options:
Sales. | |
Sales Tax Expense. | |
Prepaid Taxes. | |
HST Payable. |
Question 10 (3 points)
Calculate gross sales:
Net sales = $75,000
HST charged = $14,300
Sales returns and allowances - $15,000
Sales discounts - $20,000
Accounts receivable - $12,000
answer:____
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