Register
The proper journal entry to record the receipt of inventory purchased on account in a perpetual inventory system would be: Jan 1 Inventory 540.00 Accounts Payable 540.00 Jan 1 Office Supplies 540.00 Accounts
15.7k views
5 votes
The proper journal entry to record the receipt of inventory purchased on account in a perpetual inventory system would be: Jan 1 Inventory 540.00 Accounts Payable 540.00 Jan 1 Office Supplies 540.00 Accounts Payable 540.00 Jan 1 Purchases 540.00 Accounts Payable 540.00 Jan 1 Purchases 540.00 Accounts Receivable 540.00

User Jeremy Fiel
by
5.9k points

1 Answer

3 votes

Answer:

Jan 1 Inventory 540.00 Accounts Payable 540.00

Inventory Would be debited by 540 and Accounts payable will be credited by 540

Step-by-step explanation:

User Milin
by
6.3k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.0m questions

7.8m answers

Other Questions

What are some ways you can save on car insurance?
_____ reminds customers and clients that they made a good choice in selecting a company with which to do business, or it reminds them of the good qualities of their purchase.​
Demonstrate how binomial nomenclature is related to classification systems by identifying the genus name and the specific name of the domestic cat felis catus
The dark printed words on the page of a book are easily read because they are printed on a light ground. this is an example of the principle of ____________.
On august 1 the darius co. purchased a photocopy machine for $8,000. the estimated annual depreciation on the machine is $1,680. if the company prepares annual financial statements on december 31, the
Link Copied!