Under the Perpetual Inventory System, What Is the Correct Entry

question 21

Multiple Choice

Under the perpetual inventory system, what is the correct entry for the credit purchase of 20 electric guitars at $250 per guitar plus GST of $25 each?

• A) Debit inventory $5500; credit accounts payable $5000; credit GST outlays $500
• B) Debit inventory $5000; debit GST outlays $500; credit accounts payable $5500
• C) Debit accounts payable $5500; credit inventory $5000; credit GST outlays $500
• D) Debit inventory $5500; credit accounts payable $5500

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The act of being elected again to a political position that one has previously held.

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Policies favored by the Republican Party in the United States, often emphasizing limited government, low taxes, free market capitalism, and a strong national defense.

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