Question
please help me answer Question 4 (2 points) Retake question Determine the amount of cash collected at the time of making a cash sale of
please help me answer
Question 4 (2 points)Retake question
Determine the amount of cash collected at the time of making a cash sale of $9,220 worth of merchandise subject to 13% HST.
Answer:_______
Question 8 (2 points)Retake question
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.
Answer:_________
Question 10 (3 points)Retake
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:_________
Question 11 (1 point)Retake question
A credit memorandum decreases which account on the seller's books?
Question 11 options:
Accounts Payable | |
Sales Returns and Allowances | |
Purchases Returns and Allowances | |
Accounts Receivable |
Question 12 (2 points)Retake question
Determine the amount of cash collected at the time of making a sale of $2,999 worth of merchandise subject to a 6% provincial sales tax plus 5% GST.
Answer:______
Question 13 (2 points)Retake question
Sue's Jewelry sold 25 necklaces for $25 each to a credit customer. The cost of the necklaces to Sue's Jewelry was $15 plus 13% HST. The invoice included HST at 13% and payment terms of 2/10, n/30. Five necklaces were returned prior to payment. The entry to record the return would include
Question 13 options:
a credit to Sales Tax Payable for $16.25. | |
a debit to Sales Returns and Allowances for $141.25. | |
a debit to Accounts Receivable for $141.25. | |
a debit to Sales Returns and Allowances for $125.00. |
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