Sold Merchandise for Cash subject to a provincial sales tax. This will be recorded with
A) a credit to an expense account.
B) a debit to a liability account.
C) a credit to Capital.
D) None of these are correct.
Correct Answer:
Verified
Q13: Provincial Sales Tax Payable represents an asset
Q14: Determine the amount of cash collected at
Q15: PST Payable is a Liability Account.
Q16: The normal balance of the HST Collected
Q17: The liability account used to record HST
Q19: Provincial Sales Tax Payable is a
A) liability
Q20: GST Collected is an owner's equity account
Q21: Molly's Craft Shop sold goods for $450
Q22: A credit memorandum decreases which account on
Q23: Singh Company received payment in full within
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