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Net Sales equals Gross Sales, less Sales Returns \& Allowances, less Sales Discounts. True False Question 2 (1 point) The credit that a company receives for the GST/HST it pays is called Output Tax Credit. Input Tax Credit. Business Tax Credit. Payroll Tax Credit. Question 3 (1 point) The collection of an invoice for $5,000 plus HST of 13% within the 2/10n/30 discount period was recorded using a 3% discount rather than a 2% discount in both the controlling and subsidiary accounts. This error will cause the net income for the period to be understated. the control account to not agree with the subsidiary ledger. the net income for the period to be overstated. the assets to be overstated. Question 4 (1 point) Determine the amount of cash collected at the time of making a cash sale of $9,220 worth of merchandise subject to 13% HST. Note: answer format ex. $11,620.12 Blank \# 1 Blank \# 2 Singh Company received payment in full within the discount period for goods sold for $400 plus 13% HST. Terms of the sale were 2/10,n/30. Which entry records this transaction? Debit Cash, $442.96, debit Sales Discounts $9.04, credit Accounts Receivable, $452 Debit Cash, \$452, credit Accounts Receivable, \$452 Debit Cash, \$444, credit Accounts Receivable, $444 Debit Cash, \$444, debit Sales Discounts $8, credit Accounts Receivable, $452 Question 6 (1 point) Following is the Schedule of Accounts Payable for London Warehouse. Considering GST of 5% is charged on each invoice, what is a breakdown of Inventory and GST Paid for each creditor? Sales discounts are NOT taken on which of the following? Freight Merchandise returned HST added Sales Discounts are not taken on any of the above. Question 8 (1 point) Customers can take cash discounts on GST and PST when terms are 2/10,n/30. True False Question 9 (1 point) 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 a debit to Sales Returns and Allowances for $141.25. a debit to Sales Returns and Allowances for $125.00. a credit to Sales Tax Payable for $16.25. a debit to Accounts Receivable for $141.25. Which of the following statements about subsidiary ledgers is most accurate? The subsidiary ledger accounts will show details of any HST billed. The accounts receivable subsidiary ledger is a book of accounts that provides supporting detail for Accounts Receivable. The subsidiary ledger accounts will total the amount in the Sales account. All of these answers are correct. Question 11 (1 point) Discounts for early payment also reduce the amount of GST/HST owing. True False Question 12 (1 point) Molly's Craft Shop sold goods for $450 plus PST at 5% to a charge customer. The customer returned $100 worth of goods for credit. Terms of the sale were 2/10,n/30. If the customer pays the amount within the discount period, what amount should the customer pay? $350.00 $372.50 $367.50 $360.50 Singh Company received payment in full within the credit period for goods sold for $400 plus 13% HST. Terms of the sale were n/30. Which entry records this transaction? Debit Cash, \$452, credit Accounts Receivable, \$452 Debit Cash, \$452, credit Sales, $452 Debit Accounts Receivable $420, credit Sales, $420 Debit Cash, $400, credit Accounts Receivable, $400 Question 14 (1 point) Joe's Garage performed repairs to a customer's car. The repairs came to $1,600 plus 13% HST and the parts and labour cost Joe's Garage $800. If terms are 2/10,n/30, how much must the customer pay if paying in 9 days? (Show your computations.) A. Question 15 (1 point) The Accounts Receivable subsidiary ledger will exclude HST from the balances. True False Question 16 (1 point) A credit memorandum decreases which account on the seller's books? Accounts Payable Purchases Returns and Allowances Sales Returns and Allowances Accounts Receivable Secret Trails received payment in full within the credit period for boarding for $800 plus 13% HST. Terms of the sale were 2/10,n/30. Which entry is required to record this transaction? Debit Cash, $904; credit Accounts Receivable, $904 Debit Cash, $888; credit Accounts Receivable, $888 Debit Accounts Receivable, $800; credit Sales, $800 Debit Cash, \$784; credit Sales, \$784 Question 18 (1 point) Companies using the quick method of accounting for GST/HST can still claim GST/HST back on major capital expenditures. True False Question 19 (1 point) The basic concept of the quick method of accounting for GST/HST is best described as follows: The quick method allows a small company to pay as little tax as possible. Only small companies with total sales of less then $150,000 can use the quick method. A small company with large capital purchases should always avoid using the quick method. A smaller company will remit about as much tax as they would if detailed records were maintained. Question 20 (1 point) Determine the amount of cash collected on a credit sale in the amount of $4,300, subject to 13% HST when $500 worth of merchandise has already been returned for credit, and the invoice was paid within the discount period which allowed a 3% discount. Blank \# 1 A Blank \# 2 A) Morris Jewellery Store sold R. Alexander a diamond engagement ring for $2,000 plus 5% PST and 5% GST. The ring cost Morris Jewellery Store $925. Terms of the sale are n/30. Date of the sale was April 12 , date of the payment was May 12. On April 15, R. Alexander received an allowance for a flaw in the ring, $500. Required: Determine the amount R. Alexander should pay Morris Jewellery Store, May 12 . Show your computations. A Question 22 (1 point) A characteristic of a schedule of accounts receivable is that it contains a list of vendor names with balances. the total is equal to the accounts receivable control account at the end of the month. it is prepared at the end of the month. Both B and C are correct. Question 23 (1 point) The Prepaid HST account normally has a credit balance and is a Contra Cost account. True False Question 24 (1 point) Entries to customers' accounts for sales made with 13% HST are recorded in the accounts receivable subsidiary ledger. accounts payable subsidiary ledger. cash subsidiary ledger. fixed asset subsidiary ledger