What Is the General Ledger Posting from the Credit Sales

question 35

Multiple Choice

What is the general ledger posting from the credit sales journal?

• A) DR Sales, CR Accounts receivable
• B) DR Sales, CR GST payable, CR Cash
• C) DR Accounts receivable, CR Sales, CR GST payable
• D) DR Cash, DR GST payable, CR Accounts receivable

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Definitions:

Quota

A quota is a statistical measure representing a fixed minimum or maximum number of a particular group of people allowed to do something, such as immigrating to a country, or a limit placed on trade.

Bilateral Trade Agreement

A trade deal between two countries to give each other preferential trade terms, reduced tariffs, and increased access to each other's markets.

Free Trade

The exchange of goods and services between countries without restrictive quotas, tariffs, or other barriers.

Government Intervention

The action taken by government to affect or interfere with decisions made by individuals or groups in the economy to correct market failures and promote welfare.