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What is the correct entry for the credit purchase

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Reference no: EM132626344

Problem 1: Under the perpetual inventory system what is the correct entry for the credit purchase of 10 electric guitars at $250 per guitar plus GST of $25 each?

Select one:

a. Debit Inventory $2,500, debit GST Paid $250; credit Accounts Payable $2,750.

b. Debit Inventory $2,750; credit Accounts Payable $2,750.

c. Debit Inventory $2,750; credit accounts payable $2,500, credit GST Paid $250.

d. Debit Accounts Payable $2,750; credit Inventory $2,500, credit GST Collected $250.

Reference no: EM132626344

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