Multiple Choice
Under the perpetual inventory system what is the correct entry for the credit purchase of 5 washing machines at $300 per washing machine plus GST of $30 each?
A) Debit Inventory $1,650; Credit Accounts payable $1,500, Credit GST $150
B) Debit Inventory $1,650; Credit Accounts payable $1,650
C) Debit Accounts payable $1,650; Credit Inventory $1,500, Credit GST $150
D) Debit Inventory $1,500, Debit GST $150; Credit Accounts payable $1,650
Correct Answer:

Verified
Correct Answer:
Verified
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