Multiple Choice
Under the periodic inventory system, what is the entry for the credit purchase of 10 electric guitars at $250 per guitar, plus GST of 10%?
A) Debit purchases $2500; debit GST outlays $250; credit accounts payable $2750
B) Debit accounts payable $2750; credit purchases $2500; credit GST outlays $250
C) Debit purchases $2750; credit accounts payable $2750
D) Debit purchases $2750; credit accounts payable $2500; credit GST outlays $250
Correct Answer:

Verified
Correct Answer:
Verified
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