The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be

The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be

	a.	Jan. 1  Office Supplies               1,500 Cash                                       1,500
	b.	Jan. 1  Purchases                       1,500 Accounts Payable                    1,500
	c.	Jan. 1  Cash                               1,500 Accounts Receivable               1,500
	d.	Jan. 1  Merchandise Inventory    1,500 Cash                                       1,500

If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are

	a.	FOB destination
	b.	consigned
	c.	FOB shipping point
	d.	n/30

The proper journal entry to record 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  Purchases                     1,600 Accounts Receivable        1,600
	c.	Jan. 1  Office Supplies              1,600 Accounts Payable              1,600
	d.	Jan. 1  Purchases                     1,600 Accounts Payable              1,600