Under the perpetual inventory system, what is the entry for the credit purchase of 10 violins at $600 each plus 10% GST?
A) DR Inventory $6600; CR Accounts payable $6000; CR GST payable $600
B) DR Inventory $6000; DR GST receivable $600; CR Accounts payable $6600
C) DR Inventory $6600; CR Accounts payable $6600
D) DR Inventory $6000; CR Accounts payable $5400; CR GST payable $600
Correct Answer:
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