Question: Under the periodic inventory system, what is the entry for the cash purchase of 5 electric guitars at $500 each, plus 10% GST? O DR

Under the periodic inventory system, what is the entry for the

Under the periodic inventory system, what is the entry for the cash purchase of 5 electric guitars at $500 each, plus 10% GST? O DR Purchases $2500; DR GST receivable $250; CR Bank $2750. DR Accounts payable $2750; CR Purchases $2500; CR GST payable $250. O DR Purchases $2750; CR Bank $2750. DR Purchases $2750; CR Bank $2500; CR GST payable $250

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