The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be
A) Jan. 1 Merchandise Inventory 1,500Cash 1,500
B) Jan. 1 Office Supplies 1,500Cash 1,500
C) Jan. 1 Purchases 1,500Accounts Payable 1,500
D) Jan. 1 Cash 1,500Accounts Receivable 1,500
Correct Answer:
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