On November 1, 20x5, GVF entered into a contract to buy a P225,000 machine from JDH. The contract requires GVF to pay P225,000 in advance on November 1, 20x5. The machine costs P165,000 and was delivered on November 30, 20x5. The journal entry by GVF for the delivery of the equipment will include:

On November 1, 20x5, GVF entered into a contract to buy a P225,000 machine from JDH. The contract requires GVF to pay P225,000 in advance on November 1, 20x5. The machine costs P165,000 and was delivered on November 30, 20x5. The journal entry by GVF for the delivery of the equipment will include:

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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