con paper BEFORE YOU Sub your Question 18 On January 1 Year 1. ABC Merchandising Company was started. The company experienced the following cortes de year of operation: 1. Started the business by issue common stock for $1.000 cash. 2. Purchased $950 of inventory on account. 3. Sold merchandise costing $370 for $440 on account. 4. Collected $160 cash from accounts receivable. 5. Paid $700 of outstanding accounts payable. Which one of the following journal entries correctly records ABC Merchandising Company's purchase o inventory Account Accounts Payable Inventory Debit 950 Credit 950 Account Accounts Receivable Inventory Debit 950 Credit 950 Account Inventory Accounts Receivable Debit 950 Credin 950 Account Inventory Accounts Payable Debit 950 Credit 950 MacBook Pro