Reference no: EM132816046
Problem 1: Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development purchased an agricultural machine on account at P120, 000, with credit terms of 3710, n730. What is the journal entry to record the purchase of machine on account?
a. Agricultural and Forestry Equipment 120,000 Accounts Payable 120,000
b. Plant, Property and Equipment 120,000 Accounts Payable 120,000
c. Agricultural and Forestry Equipment 116,400 Accounts Payable 116,400
d. Plant, Property and Equipment 116,400 Accounts Payable 116,400
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