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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
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