The correct journal entry to record a purchase of inventory on credit using a perpetual inventory system includes?

GENERALLY INVENTORY PURCH.JOURNAL

IF CASH/BANK

PURCH.DR

CASH/BANK CR

IF CREDIT

PURCH.DR

SUPPLIER CR

Purchase of inventory:

In a typical ERP environment, what happens is Purchases are made using an "Order".

Upon receipt of the inventory, a GRN (Goods Received Note) is raised. Upon generating a GRN, the ERP records the transaction in the books in the following manner:

Dr. Inventory

Cr. Inventory Accrual A/C (or any similar temporal ledger account)

Thereafter, upon receipt of actual supplier's invoice, Accounts Payable can be updated. This is where the actual liability to the inventory supplier gets actually accrued (including accounting for elements with regards to indirect taxes)

Dr. Inventory Accrual A/C (or any similar temporal ledger account)

Cr. Supplier

Dr. Purchases  X

Cr. To Creditor(Accounts Payable) X

Perpetual Inventory System is more preferred system as it can yield reasonably accurate results if managed properly, however there can be differences against the actual inventory and the recorded inventory due to theft and unrecorded transaction.

Entry: Debit: Inventory ( cost and freight associated in delivery)

           Credit: Accounts Payable

Debit : Inventory 

credit : Account Payable A/P

Purchase A/c Dr

   To Creditors

Debit Inventory Account

and Credit Accounts Payable