Under the periodic inventory system, what is the entry for the cash purchase of 5 electric guitars at $500 each, plus 10% GST?
A) DR Purchases $2500; DR GST receivable $250; CR Bank $2750
B) DR Accounts payable $2750; CR Purchases $2500; CR GST payable $250
C) DR Purchases $2750; CR Bank $2750
D) DR Purchases $2750; CR Bank $2500; CR GST payable $250
Correct Answer:
Verified
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