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* The Seller Cash Sale Accounting for Provincial Sales Tax DR CR . Bank $214.92 Sales $199.00 PST Payable $ 15.92 * The Seller Sale on Account Accounting for Provincial Sales Tax DR CR . A/R–Marathon Recreation $347.49 Sales $321.75 PST Payable $ 25.74 * The Seller … Remitting Sales Tax Sales tax is collected for a month and is then remitted to the government. In most regions, the sales tax collected in any one month is to be remitted to the government by the 15th of the following month. For example, if you collected $415.23 of PST in January, the following entry would reflect the remittance to the government. Accounting for Provincial Sales Tax DR CR . Feb. 15 PST Payable $415.23 Bank $415.23 * Class / Homework P. 182 – Exercise 2 P. 182 – Exercise 3 P. 182 – Exercise 4 Created by D. Gilroy Heart Lake Secondary School * HST(Harmonized Sales Tax) * Harmonized Sales Tax The GST (Goods and Services Tax) was introduced by the federal government on January 1st, 1991. Replaced the federal sales tax. The Goods and Services Tax is a tax on the sale of most goods and services. The seller of the goods or services is responsible for charging, collecting, and remitting the tax. July 1, 2010 Ontario combined their PST with the GST to form the HST. * Harmonized Sales Tax Any business with sales of taxable goods and services of more than $30,000 per year is required to complete a registration form and send it to Canada Customs and Revenue Agency (CCRA). Each registrant is assigned a special business number. The CCRA determines whether HST will be reported and remitted monthly, quarterly, or annually. The frequency depends on the value of annual sales or revenue. * HST – A Value-Added Tax The HST is known as a value-added tax. It is designed so that: The government receives its money at e