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Fundamentals of financial accounting

7.3 The petty cash balance at 30th June 20X1 was $45. The following transactions
occurred during June 20X1

(1) Stamps were purchased at a cost of $12.50

(2) Taxi fare of $19 was reimbursed to an employee

(3) The cleaner was paid $25

What was the petty cash float at the 1st of June 20X1?

A $45

B $101.50

C $11.50

D $0

7.4 OPQ are registered for sales tax. During May, they sold goods with a list price
of $1,200 excluding sales tax, to RST on credit. As RST had purchased a large
quantity of goods, OPQ applied a trade discount of 5% to the normal list price.

If sales tax is charged at 20%, what will be the gross value of the sales
invoice prepared by OPQ?

$ __________.

7.5 In the quarter ended 30th June 20X3, EFG had taxable sales, net of sales tax of
$45,000 and taxable purchases, net of sales tax, of $36,000

If the rate of sales tax is 10%, how much sales tax is due?

A $900 receivable

B $1,000 receivable

C $900 payable

D $1,000 payable

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