Under the perpetual inventory system what is the correct entry for the credit purchase of 5 washing machines at $300 per washing machine plus GST of $30 each?Group of answer choicesDebit Inventory $1,650; credit accounts payable $1,500, credit GST collected$150Debit Inventory $1,650; credit Accounts Payable $1,650.Debit Accounts Payable $1,650; credit Inventory $1,500, credit GST collected $150.Debit Inventory $1,500, debit GST paid $150; credit Accounts Payable $1,650

Hammer Hardware sold goods to James Brown on credit at a price of $2,750.00 including GST. What is the correct accounting entry to record the sales revenue in Hammer Hardware’s books?Group of answer choicesDebit Accounts Receivable $2,750; credit Sales $2,750.Debit Accounts Receivable $2,750; credit Sales $2,500; credit GST Collections $250.Debit Accounts Receivable $2,500; credit Sales $2,500.Debit Accounts Receivable $2,500; debit GST Collections $250; credit Sales $2,750.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system.Multiple choice question.Debit Merchandise Inventory $300 and credit Sales $300.Debit Purchases $300 and credit Accounts Payable $300.Credit Merchandise Inventory $300 and debit Accounts Payable $300.Debit Merchandise Inventory $300 and credit Accounts Payable $300.

Under a perpetual inventory system, which of the following accounts would be used to record purchases? Group of answer choices Sales Purchases Cost of Sales Inventory

A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:Multiple ChoiceDebit Merchandise Inventory $2,300; credit Cash $2,300.Debit Cash $2,300; credit Accounts Payable $2,300.Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.Debit Accounts Payable $3,200; credit Cash $3,200.Debit Accounts Payable $2,300; credit Cash $2,300.

Select all that applyX-Mart uses the perpetual inventory system to account for its merchandise. A customer who purchased merchandise on account requested an allowance on a merchandise purchase due to its poor quality, but he did not return the goods back to X-Mart. Assuming that X-mart gives an allowance of $50 on the merchandise, demonstrate the required journal entry on X-Mart's books to record the allowance by selecting all of the correct actions below.Multiple select question.Debit Merchandise Inventory $50.Credit Merchandise Inventory $50.Credit Cash $50.Debit Cost of Goods Sold $50.Credit Cost of Goods Sold $50.Credit Accounts Receivable $50.Credit Sales Returns and Allowances $50.Debit Sales Returns and Allowances $50.