The Proper Journal Entry to Record the Receipt of Inventory

question 264

Multiple Choice

The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be

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Definitions:

Voucher System

A set of procedures for authorizing and recording liabilities and cash payments.

Internal Control

Procedures and policies implemented by a company to safeguard its assets, ensure accurate financial reporting, and promote operational efficiency.

Cash Payments

Transactions in which payment for goods or services is made with cash at the time of purchase.

Voucher

A special form for recording relevant data about a liability and the details of its payment.