Flat Tire Company sold tires to a charge customer, including PST and GST. What entry is required to record this transaction?
A) Debit Cash, credit Sales, Debit Cost of Goods Sold, Credit Inventory
B) Debit Cash, credit Sales, credit GST Payable, credit PST Payable, Debit Cost of Goods Sold, Credit Inventory
C) Debit Accounts Receivable, credit Sales, Debit Cost of Goods Sold, Credit Inventory
D) Debit Accounts Receivable, credit Sales, credit GST Payable, credit PST Payable, Debit Cost of Goods Sold, Credit Inventory
Correct Answer:
Verified
Q3: Sold merchandise subject to HST at 13%,
Q4: The ledger containing all the balance sheet
Q5: HST collected by the seller increases the
Q6: Determine the amount of cash collected at
Q7: The total of all cash and credit
Q9: Sold merchandise subject to GST, accepting cash.
Q10: Chan Company sold $500.00 of goods to
Q11: Explain why the account Provincial Sales Tax
Q12: PST Payable is a
A) revenue account with
Q13: Provincial Sales Tax Payable represents an asset
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