3 Your business makes cash sales of $100 000 worth of goods (plus GST of 10%) and collected cash up front. What current liability does the sale create? a none b unearned revenue of $10000 C GST payable of $10000 d sales revenue of $110000

3 Your business makes cash sales of $100 000 worth of goods (plus GST of 10%) and collected cash up front. What current liability does the sale create? a none b unearned revenue of $10000 C GST payable of $10000 d sales revenue of $110000

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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Question

3 Your business makes cash sales of $100 000 worth of goods (plus GST of 10%) and collected
up front. What current liability does the sale create?
cash
a
none
b unearned revenue of $10000
GST payable of $10000
d sales revenue of $110000

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