PLEASE HELP ME ANSWER

Question 1 (1 point)

GST Collected is an owner's equity account with a debit balance.

Question 1 options:

	True
	False

Question 2 (2 points)

Use the following information to answer the questions below:

Sales $73,400

HST Collected 9,542

Sales Discount 1,500

Sales Returns and Allowances 900

Delivery Expense 700

Question:

The Net Sales are ________.

Question 3 (1 point)

Provincial Sales Tax Payable is a

Question 3 options:

	contra-asset account with a credit balance.
	liability account with a credit balance.
	liability account with a debit balance.
	contra-asset account with a debit balance.

Question 4 (2 points)

Determine the amount of cash collected at the time of making a cash sale of $9,220 worth of merchandise subject to 13% HST.

Question 4 options:

Answer:__________

Question 5 (1 point)

The liability account used to record GST owed is

Question 5 options:

	Prepaid Taxes.
	Sales.
	Sales Tax Expense.
	GST Payable.

Question 6 (1 point)

Provincial Sales Tax Payable represents an asset on the books of the seller.

Question 6 options:

	True
	False

Question 7 (1 point)

PST Payable is a Liability Account.

Question 7 options:

	True
	False

Question 8 (2 points)

Determine the amount of revenue to record at the time of making a cash sale of $9,220 worth of merchandise subject to 13% HST.

Question 8 options:

Answer:_______

Question 9 (1 point)

The liability account used to record HST owed is

Question 9 options:

	Sales.
	Sales Tax Expense.
	Prepaid Taxes.
	HST Payable.

Question 10 (3 points)

Calculate gross sales:

Net sales = $75,000

HST charged = $14,300

Sales returns and allowances - $15,000

Sales discounts - $20,000

Accounts receivable - $12,000

answer:____