The journal entry to record the receipt of inventory purchased ...

[penza]

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

Question 2

Making a comparison between the cash balance in the accounting records and on the bank statement is called a bank reconciliation.
 
  Indicate whether the statement is true or false

[cupcake16]

Answer to Question 1

a

Answer to Question 2

TRUE

[penza]

Correct answers!

[cupcake16]

Great! Please up vote