Dorvelle, a bicycle retailer, receives a batch of bicycles held for resale. The supplier's invoice, payable in 30 days, shows a price excluding tax of 24,000, with no discount or additional costs, and VAT of 4,800, which Dorvelle recovers from the tax authorities. Record the entry for the receipt into inventory.
- Price excluding tax
- 24,000
- Recoverable VAT
- 4,800