Question
Singh Company recorded HST Payable of $5,000 and HST Recoverable of $7,000 in its accounts. The journal entry to record the remittance to the Government
Singh Company recorded HST Payable of $5,000 and HST Recoverable of $7,000 in its accounts.
The journal entry to record the remittance to the Government would be:
a) Cash$2,000
HST Payable5,000
HST Recoverable$7,000
b) HST Recoverable$7,000
Cash$2,000
HST Payable5,000
c) HST Recoverable$7,000
HST Payable5,000
Cash$12,000
d) Cash$12,000
HST Recoverable7,000
HST Payable5,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Equity Asset Valuation
Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen
2nd Edition
470571439, 470571438, 9781118364123 , 978-0470571439
