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On May 6, R. Rosen purchased merchandise for his camping store. The invoice was for $100,

On May 6, R. Rosen purchased merchandise for his camping store. The invoice was for $100,

 On May 6, R. Rosen purchased merchandise for his camping store. The invoice was for $100,000 plus HST at 13%, terms 2/10, n/30. On May 10, R. Rosen returned merchandise costing $15,000 for credit. On May 15, R. Rosen paid the amount owed, taking all available discounts. Answer the following:

 

a) The credit to Accounts Payable on May 6 is ________________.

b) The debit to HST Paid on May 6 is ________________.

c) The debit to Accounts Payable on May 10 is ________________.

d) The credit to Purchases Discount on May 15 is ________________.

e) The credit to Cash on May 15 is ________________.

14) Why isn't there an entry to HST when a vendor gets paid for an outstanding invoice?

Tripti 06-Dec-2019

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