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Question
The journal entry for the receipt of inventory purchased for cash in a perpetual inventory system would be
a. Jan. 1 Merchandise Inventory 1,500
Cash 1,500
b. Jan. 1 Office Supplies 1,500
Cash 1,500
c. Jan. 1 Purchases 1,500
Accounts Payable 1,500
d. Jan. 1 Cash 1,500
Accounts Receivable 1,500
Answer
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