Bray Corp purchased a computer having a list price of $1,000 Bray is subject to GST of
5% and resides in a province with a 7% PST
Assuming Bray purchased the computer for resale, the journal entry to record this
transaction would include:
A) a debit to "Inventory" of $1,070
B) a debit to "PST paid on purchases" of $70
C) a credit to "accounts payable" of $1,050
D) a credit to "accounts payable" of $1,120
Give this one a try later!
C) a credit to "accounts payable" of $1,050
Bray Corp purchased a computer having a list price of $1,000 Bray is subject to GST of
5% and resides in a province with a 7% PST
Assuming Bray purchased the computer for its own use, the journal entry to record
, this transaction would include:
A) a debit to "Office Equipment" of $1,000
B) a debit to "Office Equipment" of $1,050
C) a debit to "Office Equipment" of $1,070
D) a debit to "Office Equipment" of $1,120
Give this one a try later!
C) a debit to "Office Equipment" of $1,070
Ajax Corp's trial balance on December 31, 20x1, shows the following accounts and
amounts:
Acct # Account Debits Credits
2543 GST collected on sales $700
2545 GST paid on purchases $500
2650 PST collected on sales $300
What is the amount owed to the federal government on December 31, 20x1?
A) $700
B) $200
C) $1,000
D) $500
Give this one a try later!
B) $200
A business that is registered to collect PST from customers -
A) deducts the PST it pays on business-related expenses from the PST it remits to the
provincial government
B) does not pay PST on any business-related expenses
5% and resides in a province with a 7% PST
Assuming Bray purchased the computer for resale, the journal entry to record this
transaction would include:
A) a debit to "Inventory" of $1,070
B) a debit to "PST paid on purchases" of $70
C) a credit to "accounts payable" of $1,050
D) a credit to "accounts payable" of $1,120
Give this one a try later!
C) a credit to "accounts payable" of $1,050
Bray Corp purchased a computer having a list price of $1,000 Bray is subject to GST of
5% and resides in a province with a 7% PST
Assuming Bray purchased the computer for its own use, the journal entry to record
, this transaction would include:
A) a debit to "Office Equipment" of $1,000
B) a debit to "Office Equipment" of $1,050
C) a debit to "Office Equipment" of $1,070
D) a debit to "Office Equipment" of $1,120
Give this one a try later!
C) a debit to "Office Equipment" of $1,070
Ajax Corp's trial balance on December 31, 20x1, shows the following accounts and
amounts:
Acct # Account Debits Credits
2543 GST collected on sales $700
2545 GST paid on purchases $500
2650 PST collected on sales $300
What is the amount owed to the federal government on December 31, 20x1?
A) $700
B) $200
C) $1,000
D) $500
Give this one a try later!
B) $200
A business that is registered to collect PST from customers -
A) deducts the PST it pays on business-related expenses from the PST it remits to the
provincial government
B) does not pay PST on any business-related expenses
