On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The businessendorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for60.000 TL. Which entry is made when the business makes the payment at maturity for the notesigned on June 19?a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100-CashO b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100-CashO c. 64.050 TL debit 321-N/P and 64.050 credit to 100-CashO d. 65.400 TL debit 321-N/P and 65.400 credit to 100-Cash

On June 19, Business purchases inventory Cost of purchase of inventory = 220000 TL Including 10% VAT…

On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for 60.000 TL. Which entry is made when the business makes the payment at maturity for the note signed on June 19? O a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100- Cash O b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100- Cash c. 64.050 TL debit 321-N/P and 64.050 credit to 100-Cash d. 65.400 TL debit 321-N/P and 65.400 credit to 100-Cash

On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for 60.000 TL. Which entry is made when the business makes the payment at maturity for the note signed on June 19? O a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100- Cash O b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100- Cash c. 64.050 TL debit 321-N/P and 64.050 credit to 100-Cash d. 65.400 TL debit 321-N/P and 65.400 credit to 100-Cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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