Under the Periodic Inventory System, What Is the Entry for the Credit

question 42

Multiple Choice

Under the periodic inventory system, what is the entry for the credit purchase of 10 electric guitars at $250 per guitar, plus GST of 10%?

• A) Debit purchases $2500; debit GST outlays $250; credit accounts payable $2750
• B) Debit accounts payable $2750; credit purchases $2500; credit GST outlays $250
• C) Debit purchases $2750; credit accounts payable $2750
• D) Debit purchases $2750; credit accounts payable $2500; credit GST outlays $250

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