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Problem 1: When an item subject to HST, what must the seller do when recording the sale?
a) credit HST Payable.
b) the seller need not record the tax separately.
c) debit HST Recoverable.
d) debit HST Payable
Problem 2: The correct journal entry for a business remitting HST to the government would be:
a) debit Bank, debit HST Recoverable, credit HST Payable.
b) debit HST Payable, credit HST Recoverable, credit Bank.
c) debit Tax Expense, credit Bank.
d) debit Tax Expense, credit HST Payable
Draw the segment of a document flowchart for the process below. The invoice clerk prepares a 2-part invoice after receiving a copy of the sales order and packing slip. he sends the original invoice to the customer and files the remaining documents by..
Calculate the amount of depreciation expense that Tiggy should record for Machine B each year of its useful life, under the following assumptions.
Which of the following statements is incorrect when comparing GAAP to IFRS in regard to the valuation of noncurrent assets?
Three years ago, SwitchBack Inc. issued 10-year, How does Darrel's rate of return compare to the current yield on the bond today?
A lease is classified as a capital lease because it contains a bargain purchase option. Over what period of time should the lessee amortize the leased property? The summary of significant accounting policies should disclose the
Annabelle Benton, great-granddaughter of the founder of the Town of Benton, made a cash contribution in the amount of $500,000 to be held as an endowment. To account for this endowment, the town has created the Alex Benton Park Endowment Fund. A bala..
What sense you could make from the relationship between interest and principle paid over? Construct a monthly amortization schedule of $5000 loan to be paid
In February, one of the processing departments at Manger Corporation had beginning work in process inventory of $25,000 and ending work in process inventory of $34,000. During the month, $290,000 of costs were added to production and the cost of unit..
Determine the gross profit, cost of goods sold, and ending inventory on July 31 using first-in, first-out, last-in, first-out, and average cost flow
The Colson Company issued $300,000 of 10% bonds on January 1, 2014. The bonds are due January 1, 2020, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Colson’s journal entries for (a) the January issuance,..
What would operational testers use to assess whether a system meets usability, reliability, and maintainability parameters? live fire test and evaluation
In terms of security, discuss the relative advantages of lockbox systems, charge cards, and debit cards from the standpoint of both the party making the payment and the party receiving the payment.
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