The agreed cost of an item to be purchased by a business on credit is $4,000and 7% provincial sales tax (PST) . When this transaction isrecorded, what amount will be recorded as GST Receivable?
A) $240 debit
B) $200 credit
C) $200 debit
D) $240 credit
E) None of these answers is correct.
Correct Answer:
Verified
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