Archie's Has a $12 000 Credit Balance in the GST

Multiple Choice

Archie's has a $12 000 credit balance in the GST clearing account.Which of the following statements is CORRECT?

A) The tax paid to suppliers has exceeded the tax collected from customers for the period.
B) This is an amount owing by the government to the business.
C) GST clearing is a tax expense.
D) There is a $12 000 current liability to report on the balance sheet.