Asked by Beatriz Sarai on Jul 24, 2024
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The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be
Periodic Inventory System
An accounting method where inventory levels and cost of goods sold are determined at set periods, rather than continuously tracked.
Journal Entry
A record in accounting that represents a transaction with debit and credit amounts recorded in the ledger to maintain financial records.
- Differentiate between periodic and perpetual inventory management systems.
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Learning Objectives
- Differentiate between periodic and perpetual inventory management systems.