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What amount will be debited to advertising expense

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Problem 1: The agreed cost of an item to be purchased by a business on credit is $4,000. The applicable cost will be debited to advertising expense. The item is subject to 5% goods and services tax (GST) and 7% provincial sales tax (PST). When this transaction is recorded, what amount will be debited to advertising expense?

1) $4,000

2) $4,200

3) $4,280

4) $4,480

5) None of these answers are correct.

Reference no: EM132806369

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