On Jan 1st, Krab Inc. purchases $3,000 worth of inventory on account. Krab Inc. records: Account Debit Credit Inventory 3,000 Accounts payable 3,000 Account Debit Credit Inventory 3,000 Cash 3,000 Account Debit Credit Inventory expense 3,000 Cash 3,000 Account Debit Credit Cash 3,000 Inventory 3,000 On February 1st, Corn Co. pays their supplier $5,000 to settle accounts outstanding. The transactional journal entries recorded are: Account Debit Credit Accounts payable 5,000 Cash 5,000 Account Debit Credit Cash 5,000 Accounts receivable 5,000 Account Debit Credit Supplies 5,000 Accounts payable 5,000 Account Debit Credit Cash 5,000 Accounts payable 5,000