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Question Content Area The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be

Answer 1

The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)

Jan. 1    Inventory                    1,500

                     Cash                                              1,500

What are journal entries?

• A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
• An accounting journal, which shows a company's debit and credit balances, records transactions.
• The journal entry can be made up of multiple records, each of which is either a debit or a credit.
• Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.

Inventory purchase journal entry:

• Say you purchase $1,000 worth of inventory on credit.
• Debit your Inventory account $1,000 to increase it.
• Then, credit your Accounts Payable account to show that you owe $1,000.
• Because your Cash account is also an asset, the credit decreases the account.

Therefore, the journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)

Jan. 1    Inventory                    1,500

                     Cash                                              1,500

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The question you are looking for is here:

The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be

(A) Jan. 1    cash                    1,500

                     Account receivables                    1,500

(B) Jan. 1    Purchases                    1,500

                     Account payable                          1,500

(C) Jan. 1    Inventory                    1,500

                     Office Supplies                             1,500

(D) Jan. 1    Inventory                    1,500

                     Cash                                              1,500