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Question
The proper journal entry for the receipt of inventory purchased on account in a periodic inventory system would be
a. Jan. 1 Merchandise Inventory 1,600
Accounts Payable 1,600
b. Jan. 1 Office Supplies 1,600
Accounts Payable 1,600
c. Jan. 1 Purchases 1,600
Accounts Payable 1,600
d. Jan. 1 Purchases 1,600
Accounts Receivable 1,600
Answer
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