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24 February, 14:29

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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  1. 24 February, 14:36
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    The journal entry is as follows:

    On January 1,

    Purchases A/c Dr. $1,600

    To Accounts Payable A/c $1,600

    In periodic accounting the merchandise inventor is not debited since merchandise is updated at the year end only.

    Purchases account is used instead of inventory account in periodic system.
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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.
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