The journal entry to record the purchase of inventory on account under the periodic inventory system is:

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Under the periodic inventory system, the purchase of inventory on account is recorded by debiting the purchases account and crediting the accounts payable account. This entry reflects an increase in the company's assets and liabilities. The inventory account is not affected until the end of the accounting period when a physical count of inventory is taken and the cost of goods sold is calculated.

The Journal Entry to Record the Purchase of Inventory on Account