Meranda Corporation purchases $3,500 of inventory on account from Ashley Corporation. The journal entry to record this purchase for Meranda under a perpetual inventory system is

To record the purchase of inventory on account from Ashley Corporation, Meranda Corporation needs to create a journal entry. In this scenario, we will be assuming that there are no applicable taxes.

Under a perpetual inventory system, the journal entry involves two accounts: Inventory (an asset account) and Accounts Payable (a liability account).

Here's how to create the journal entry:

1. Identify the accounts involved:
- Inventory (asset account)
- Accounts Payable (liability account)

2. Determine the amounts:
- The purchase amount of the inventory is $3,500.

3. Create the journal entry:
- Debit Inventory $3,500
- Credit Accounts Payable $3,500

So, the journal entry for the purchase of inventory on account from Ashley Corporation by Meranda Corporation under a perpetual inventory system would be:

Date | Account | Debit ($) | Credit ($)
--------------------------------------------------------
[Date] | Inventory | $3,500 |
| Accounts Payable | | $3,500

Note: Remember to include the appropriate dates, account names, and dollar amounts in the journal entry. Additionally, consult your accounting system or professional to ensure compliance with specific accounting standards and practices.