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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.
Correct Answer: A,B,D
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. A Material account (C) is typically used for inventory items and consumables, not for capital assets like company cars. A Customer account (E) is used for recording transactions with customers, such as sales, and is not relevant to the purchase of an asset from a supplier.
