The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Jan. 1Purchases1,600 Accounts Receivable1,600 Jan. 1Inventory1,600 Accounts Payable1,600 Jan. 1Purchases1,600 Accounts Payable1,600 Jan. 1Office Supplies1,600 Accounts Payable1,600
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Home » Business » The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Jan. 1Purchases1,600 Accounts Receivable1,600 Jan. 1Inventory1,600 Accounts Payable1,600 Jan.