3. Lincoln Fences receives a shipment of goods from its supplier. It pays $40,000 at the time of delivery and promises to pay the remaining $200,000 within the next 40 days. What is the appropriate journal entry for this transaction? Debit cost of goods sold $240,000; credit cash $40,000; credit accounts payable $200,000 Debit inventory $240,000; credit cash $40,000; credit accounts payable $200,000 Debit accounts payable $200,000; debit cash $40,000; credit inventory $240,000 Debit inventory $40,000