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Mary had the following transactions during May (Note: All amounts given in the question include GST of 10% unless otherwise stated). Assume Mary uses
Mary had the following transactions during May (Note: All amounts given in the question include GST of 10% unless otherwise stated). Assume Mary uses a Perpetual Inventory System and a GST clearing account 5 Purchased inventory on terms 2/10, n/30, $9,900. The journal entry to record the transaction on 5 May is: Select one: a. Dr Inventory 9,000 Cr Cash 9,000 b. Dr Inventory 9,000 Dr GST clearing 900 Cr Cash 9,900 C. Dr Inventory 9,000 Dr GST clearing 900 d. Cr Accounts payable 9,900 Dr Inventory 9,900 Cr Cash 9,900
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