Singh Company received payment in full within the credit period for goods sold for $400 plus 13% HST. Terms of the sale were n/30. Which entry records this transaction?
A) Debit Accounts Receivable $420, credit Sales, $420
B) Debit Cash, $452, credit Sales, $452
C) Debit Cash, $400, credit Accounts Receivable, $400
D) Debit Cash, $452, credit Accounts Receivable, $452
8) Molly's Craft Shop sold goods for $450 plus PST at 5% to a charge customer. The customer returned $100 worth of goods for credit. Terms of the sale were 2/10, n/30. If the customer pays the amount within the discount period, what amount should the customer pay?
9) 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
B) Debit Cash, credit Sales, credit GST Payable, credit PST Payable
C) Debit Accounts Receivable, credit Sales
D) Debit Accounts Receivable, credit Sales, credit GST Payable, credit PST Payable
10) Cynthia's Crystals sold $1,000 worth of crystal plus 5% GST and 8% PST to a charge customer with terms 2/10, n/30. The invoice was paid within terms. The entry to record receipt of payment is
A) Debit cash $1,130, credit Accounts Receivable $1,130
B) Debit cash $1,297.60, debit Cash discounts $22.40, credit Accounts Receivable $1,120
C) Debit Cash $1,110, debit Cash Discounts $20, credit Accounts Receivable $1,130
D) Debit Cash $1,080, debit Cash Discounts $20, credit Accounts Receivable $1,000, credit GST Payable $50, credit PST Payable $80
11) Sold merchandise subject to HST, accepting cash. This will be recorded with
A) a credit to an asset account.
B) a credit to a liability account.
C) a debit to an owner's equity account.
D) None of these are correct.
12) Net Sales equals Gross Sales plus HST, less Sales Returns & Allowances, less Sales Discounts.
13) Customers can take cash discounts on GST and PST when terms are 2/10, n/30.
14) Sales discounts are always given on taxes such as PST and HST.
15) Determine the amount of cash collected at the time of making a cash sale of $7,450 worth of merchandise subject to 13% HST.
16) Determine the amount of cash collected at the time of making a sale of $1,200 worth of merchandise subject to a 6% provincial sales tax plus 5% GST.
17) Determine the amount of cash collected on a credit sale in the amount of $4,300, subject to 13% HST when $500 worth of merchandise has already been returned for credit, and the invoice was paid within the discount period which allowed a 2% discount.
18) Determine the amount of cash collected:
Gross sales = $250,000
HST collected = $27,300
Sales discounts = $6,000
Sales returns and allowances = $40,000
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