GST Collected is an owner's equity account with a debit balance.
Correct Answer:
Verified
Q15: PST Payable is a Liability Account.
Q16: The normal balance of the HST Collected
Q17: The liability account used to record HST
Q18: Sold Merchandise for Cash subject to a
Q19: Provincial Sales Tax Payable is a
A) liability
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
Q24: The collection of an invoice for $5,000
Q25: Customers can take cash discounts on GST
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