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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