The correct entry to record the purchase of a motor vehicle for $40 000 cash, plus 10% GST is which of the following?
A) DR Motor vehicles $44 000; CR Bank $44 000
B) DR Motor vehicles $40 000; DR GST receivable $4000; CR Bank $44 000
C) DR Motor vehicles $44 000; CR Bank $40 000; CR GST collected $4000
D) DR Motor vehicles $36 000; DR GST receivable $4000; CR Bank $40 000
Correct Answer:
Verified
Q3: On what basis would the costs of
Q4: IAS 16/AASB 116 Property, Plant and Equipment
Q5: The factor that distinguishes fixed assets such
Q6: Which of the following is not an
Q7: A transport company would classify their delivery
Q9: Which of the following items are required
Q10: Myster Co purchased equipment for $25 000.
Q11: A popular method for an entity to
Q12: Items of property, plant and equipment may
Q13: When comparing the straight-line and the reducing-balance
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents