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On May 14, HK Company purchases inventory of 80.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? a. 88.000 TL debit to 153-Inventory and credit to 320-A/P b. 80.000 TL debit to 153-Inventory; 8.000 TL debit to 191-D. VAT and 88.000 TL credit to 320-A/P c. 72.727,27 TL debit to 153-Inventory; 7.272,73 TL debit to 191-D. VAT and 80.000 TL credit to 320-A/P d. 88.000 TL debit to 153-Inventory and 80.000 TL credit to 320-A/P; 8.000

On May 14, HK Company purchases inventory of 80.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? a. 88.000 TL debit to 153-Inventory and credit to 320-A/P b. 80.000 TL debit to 153-Inventory; 8.000 TL debit to 191-D. VAT and 88.000 TL credit to 320-A/P c. 72.727,27 TL debit to 153-Inventory; 7.272,73 TL debit to 191-D. VAT and 80.000 TL credit to 320-A/P d. 88.000 TL debit to 153-Inventory and 80.000 TL credit to 320-A/P; 8.000

FINANCIAL ACCOUNTING
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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On May 14, HK Company purchases inventory of 80.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made?

a.
88.000 TL debit to 153-Inventory and credit to 320-A/P

b.
80.000 TL debit to 153-Inventory; 8.000 TL debit to 191-D. VAT and 88.000 TL credit to 320-A/P

c.
72.727,27 TL debit to 153-Inventory; 7.272,73 TL debit to 191-D. VAT and 80.000 TL credit to 320-A/P

d.
88.000 TL debit to 153-Inventory and 80.000 TL credit to 320-A/P; 8.000 TL credit to 391-R.VAT

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