When the Goods from a Sale with HST Are Returned

question 37

Multiple Choice

When the goods from a sale with HST are returned, the HST account debited is

• A) HST Expense.
• B) HST Payable.
• C) HST Recoverable.
• D) No entry regarding HST is needed.

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Definitions:

Expiration Date

The date on which an option, futures contract, or insurance policy loses its validity or expires.

Obligated

Required to do something based on legal or moral duties.

Right To Buy

A legal provision giving tenants the opportunity to purchase the home they are renting, often at a discount.