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 Ob. Jan.1 Purchases 1.500 Accounts Payable 1.500 c. Jan. 1 Cash 1,500 Accounts Receivable 1,500 d. Jan. 1 Inventory 1.500 Cash 1.500 AIT In recording the cost of goods sold for cash, based on data available from perpetual inventory records, the journal entry is debit Inventory credit Cost of Goods sold debit Cost of Goods Sold credit Sales dehit Cost of Goods Sold: credit Inventory debit Accounts Receivable credit toiventory ^ VE STAR