A journal entry purchase inventory is an accounting entry that records the costs associated with purchasing inventory. It generally includes the cost of the item itself, as well as shipping, taxes, and any other applicable fees. When completed, this type of entry acts as a record of the purchase transaction and also serves to update the balance held in the inventory account. Journal entries are an important part of any business’ financial record keeping and should be accurate, complete, and up-to-date. By understanding the importance of these entries and tracking them correctly, businesses can ensure accuracy in their financial statements and create an accurate picture of their financial situation.