Question: What would be the correct journal entry to record the following transaction? Cash purchase of a new desk for the business costing $660 including GST.

What would be the correct journal entry to record the following transaction?

Cash purchase of a new desk for the business costing $660 including GST.

Select one:

a.

Dr

Fixed Asset

$600

Dr

GST Paid

$60

Cr

Bank

$660

b.

Dr

Fixed Asset

$660

Cr

Bank

$660

c.

Dr

Bank

$660

Cr

Fixed Asset

$660

d.

Dr

Fixed Asset

$660

Cr

Bank

$600

Cr

GST received

$60

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Bond purchasers will always pay the face value to purchase a bond may pay more or less than face value to purchase a bond not know the amount they are paying for the bond none of the above Flag this...

Q:

Bond purchasers will always pay the face value to purchase a bond may pay more or less than face value to purchase a bond not know the amount they are paying for the bond none of the above Flag this...

Q:

1.The entity assumption holds that an organization must be viewed as a unit that is. Single choice. (2 Points) part of its owner separate from its owner owned partially by creditors and partially by...

Q:

If supplies have been used up during the accounting period, the correct adjusting entry would be: Select one: a. increase the asset 'supplies' and reduce the 'supplies expense'. b. reduce the asset...

Q:

Hello, Please could you help me with this question and also with my homework? Thanks in advance. The first question is below and the homework is attached (uploaded). Warble Inc. extended a one-year...

Q:

I need help with page 13. "Completed service and installation work on a customer jet ski personal watercraft and the customer paid cash for the work completed. Sales invoice number G4013 list $156.00...

Q:

Question 1 2.5pts Journalizing is the _______ step in the accounting cycle Group of answer choices 1st 2nd 3rd 4th Flag this Question Question 2 2.5pts The third step of the accounting cycle Group of...

Q:

Questions 1 - 5 related CSO 1.1 Objective 1: Prepare appropriate journal entries, adjusting journal entries, and closing journal entries. Diaz Corporation purchased a computer system for $20,000. The...

Q:

d. Using IT to make the most of future business opportunities and QUESTION 1 (24 marks) Total marks = 24 ide your answers on the answer sheet given on Each multiple choice question in this section...

Q:

Please use the same format to answer the question so that it is easy to follow! Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential...

Q:

Show how you could prepare each of the following compounds from cyclopentanone, D2O, and any necessary organic or inorganic reagents.

Q:

Find the lengths of the given arcs over the given interval of the indicated variable. 24 +3 y = 1

Q:

3 . Investment securities a . The purpose and importance of the type of asset. b . The average monetary size ( as % of total assets ) of banks and differences between the % sizes of this asset...

Q:

You open an investment account that pays 6 % APR, compounded monthly. Compute the present value of 1 4 monthly payments of $ 6 0 0 0 ( the first payment made 1 month from today ) . Choose the closest...