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
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