The inventory system employing accounting records that continuously disclose the amount of inventory is called perpetual retail physical periodic b. Jan. 1 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 Purchases 1.500 Accounts Payable 1.500 Jan. 1 Cash 1.500 Accounts Receivable 1,500 d. Jan. 1 Inventory 1,500 Cash 1,500 AH