C_TS410_2504 · Question #75
You post an invoice to purchase a company car. What accounts are posted in the journal entry? Note. There are 3 correct answers to this question.
The correct answer is A. Supplier account B. Asset account D. Tax account. When posting an invoice for the purchase of a company car, the journal entry typically involves the following accounts: Supplier account (A): This account is credited to record the liability to the supplier for the purchase of the car. Asset account (B): This account is debited…
Question
You post an invoice to purchase a company car. What accounts are posted in the journal entry? Note. There are 3 correct answers to this question.
Options
- ASupplier account
- BAsset account
- CMaterial account
- DTax account
- ECustomer account
How the community answered
(43 responses)- A70% (30)
- C12% (5)
- E19% (8)
Explanation
When posting an invoice for the purchase of a company car, the journal entry typically involves the following accounts: Supplier account (A): This account is credited to record the liability to the supplier for the purchase of the car. Asset account (B): This account is debited to reflect the addition of the company car as a fixed asset in the company's balance sheet. Tax account (D): If the purchase involves sales tax or VAT, this account is also debited to record the tax component of the car's purchase.
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