The entity Parkville Blues Trading Pty Ltd submits the following financial data for your review.

Accounts payable at 1 July 2019 $190,000; Accounts payable at 30 June 2020 $170,000; Credit sales $620,000 and Purchase discount (Discount received) $4,000.

Inventory at at 1 July 2019 $160,000; Inventory as at 30 June 2020 $200,000; cost of sales $240,000; inventory gain $3,000 and inventory write-down $2,000.

The financial period is from 1 July 2019 to 30 June 2020. Disregard GST for this question. All purchases are on account.

Required:

What amount would be the entry for inventory purchases on account for the period ending 30 June 2020?

Group of answer choices

Debit (DR): Inventory $279,000 and Credit (CR): Accounts payable $279,000

Debit (DR): Inventory $199,000 and Credit (CR): Accounts payable $199,000

Debit (DR): Inventory $281,000 and Credit (CR): Accounts payable $281,000

Debit (DR): Inventory $201,000 and Credit (CR): Accounts payable $201,000

Debit (DR): Accounts payable $201,000 and Credit (CR): Inventory $201,000