The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Oa. Jan. 1 Purchases Accounts Receivable 1,600 1,600 Ob. Jan. 1 Merchandise Inventory 1,600 Accounts Payable Oc. Jan. 1 Purchases Accounts Payable Od. Jan. 1 Office Supplies Accounts Payable 1,600 1,600 1,600 1,600 1,600
The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Oa. Jan. 1 Purchases Accounts Receivable 1,600 1,600 Ob. Jan. 1 Merchandise Inventory 1,600 Accounts Payable Oc. Jan. 1 Purchases Accounts Payable Od. Jan. 1 Office Supplies Accounts Payable 1,600 1,600 1,600 1,600 1,600
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...
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Question
![The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be
Oa. Jan. 1 Purchases
Accounts Receivable
1,600
1,600
Ob. Jan. 1 Merchandise Inventory
1,600
Accounts Payable
Oc. Jan. 1 Purchases
Accounts Payable
Od. Jan. 1 Office Supplies
Accounts Payable
1,600
1,600
1,600
1,600
1,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb10419aa-b8c3-4018-9ed2-c3a8ea91722e%2F4ffb3c3a-09df-4d0d-97d1-8c7d91cb12ab%2F2wc9m9u.png&w=3840&q=75)
Transcribed Image Text:The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be
Oa. Jan. 1 Purchases
Accounts Receivable
1,600
1,600
Ob. Jan. 1 Merchandise Inventory
1,600
Accounts Payable
Oc. Jan. 1 Purchases
Accounts Payable
Od. Jan. 1 Office Supplies
Accounts Payable
1,600
1,600
1,600
1,600
1,600
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