A Purchase of Supplies for $2 000 Plus $260 HST

question 22

Multiple Choice

A purchase of supplies for $2 000 plus $260 HST in the general journal would not be posted -

• A)if the Supplies and HST were recorded as credits and Accounts Payable as debits
• B)if the HST was omitted and the Accounts Payable credit was $2 000
• C)if the HST was omitted,Supplies debit was $2 260 and Accounts Payable credit was $2 260
• D)if the debit amounts did not equal the credit amounts

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Definitions:

Make

The decision process involved in determining whether to produce an item internally or buy it from an external supplier.

Buy

The action of acquiring ownership or the right to use a product or service through payment or exchange.

Environmental-Change Strategies

Approaches and methods adopted by organizations or individuals to adapt to or mitigate the effects of changes in the environment, aiming for sustainability and reduced ecological impact.

Governmental Regulations

Laws and rules established by governments to regulate behaviors, activities, and standards in various industries and society at large.