Machinery Is Purchased on Credit for $16 000 Plus GST $\begin{array}{lrr}&\$ & \$ \\&\mathrm{DR} & \mathrm{CR}\\\text { Equipment } & 16000 \\\quad \text { Accounts Payable }&& 16000 \end{array}$

question 17

Short Answer

Machinery is purchased on credit for $16 000 plus GST.The general journal entry to record this transaction is: a. $\begin{array}{lrr}&\$ & \$ \\&\mathrm{DR} & \mathrm{CR}\\\text { Equipment } & 16000 \\\quad \text { Accounts Payable }&& 16000 \end{array}$

b. $\begin{array}{lr}\text { Equipment } & 14545 \\\text { GST Outlays } & 1455 \\ \text { Accounts Payable } &&16,000\end{array}$

c. $\begin{array}{lr}\text { Equity } & 16000 \\\text { GST Outlays } & 1600 \\\text { Accounts Payable } &&17,600\end{array}$

d. $\begin{array}{lr}\text { Equipment } & 16000 \\ \text { GST Outlays } & 1600\\\text { Accounts Payable }&&17,600\end{array}$

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Definitions:

Interference

The phenomenon where the learning of new information hampers the ability to recall previously learned information.

Suggestibility

The susceptibility of individuals to accept and incorporate misinformation or ideas from others into their own memory and beliefs.

Flashbulb Memory

Flashbulb memory is a vivid, detailed memory of an emotionally significant moment or event, which feels as if it has been captured in a photograph.

Memory Confidence

The level at which one trusts the accuracy of their own memories.