Ask Question
BusinessBusiness
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

+4
Answers (1)
  1. 24 February, 14:36
    0
    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.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be Jan. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
At year-end, Simple has cash of $ 22 comma 000 , current accounts receivable of $ 80 comma 000 , merchandise inventory of $ 24 comma 000 , and prepaid expenses totaling $ 4 comma 600. Liabilities of $ 64 comma 000 must be paid next year.
Answers (1)
Which of the following has a strong possibility of not being protected in a homeowner insurance policy? A. Children B. Spouse C. Jack Russell Terrier D. Ex-spouse that is visiting the home by invitation
Answers (1)
Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Garcia sells the equipment for cash.
Answers (1)
When Kendra's manager asked the team to come up with new ideas for attracting people to their trade show booth, Kendra suggested installing a video game in the booth. Which part of the rational decision making process does Kendra's idea exemplify? a.
Answers (1)
1 A school has 147 147 third graders. The third grade teachers have planned a special treat for the last day of school and brought ice cream for their students. There are three flavors: mint chip, chocolate, and strawberry.
Answers (1)
New Questions in Business
Identify the internal control principle that is applicable to each procedure. The following reconciling items are applicable to the bank reconciliation for Ellington Company: (1) outstanding checks, (2) bank debit memorandum for service charge, (3)
Answers (1)
Valera Corporation makes a product with the following standards for labor and variable overhead: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct labor 0.4 hours $ 21.00 per hour $ 8.40 Variable overhead 0.4 hours $ 6.
Answers (1)
Which of the following are tasks associated with business administration positions? a. answering phones b. designing goods for production c. delivering goods to markets d. maintaining records e. repairing computers
Answers (1)
Pepe, Incorporated acquired 60% of Devin Company on January 1, 2017. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years.
Answers (1)
Which statement is incorrect? a. Dividends represent a distribution by a corporation to its stockholders. b. Dividends are shown on the income statement. c. Dividends reduce stockholders' equity, thus the Dividends account increases on the left side.
Answers (1)
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.
Sign Up Forgot Password?