The first entry of the journal records the inventory of of $310,000 as debited and accounts payable as credited.
<h3>What is inventory management?</h3>
The process of counting and recording fluctuations in the prices of assets such as raw materials, work-in-progress, and finished goods refers as Inventory management.
Following are the Journal entries-
1. Inventory accounts A/c $310,000
To Accounts Payable A/c$310,000
(Being the inventory is purchased)
2. Accounts Receivable A/c $520,000
To Sales Revenue A/c $520,000
( Being inventory is sold)
3. Cost of Goods Sold A/c $335,000
To Inventory A/c $335,000
(Being inventory is sold )
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