Sheridan Bikes Ltd. reports pre-tax cash sales of $4,400 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,275.) No. Date Account Titles (a) (b) Oct. 1 Oct. 1 Cash Sales Sales Tax Payable Cash Sales Sales Tax Payable Debit 1 INNE Credit 4400 4400

Sheridan Bikes Ltd. reports pre-tax cash sales of $4,400 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 5,275.) No. Date Account Titles (a) (b) Oct. 1 Oct. 1 Cash Sales Sales Tax Payable Cash Sales Sales Tax Payable Debit 1 INNE Credit 4400 4400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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