Question

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

Answer 1

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: