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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
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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 $1,500, debit GST paid $150; credit Accounts payable $1,650
b. Debit Inventory $1,650; credit Accounts payable $1,650
c. Debit Accounts payable $1,650; credit Inventory $1,500; credit GST paid $150
d. Debit Inventory $1,650; credit Accounts payable $1,500, credit GST paid $150
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