The following transaction requires a journal entry into the ledger. $80,000 in raw materials were purchased on account. The $80000, is debited to Inventory or Merchandise... what is the off-setting credit and how much is the credit? Cost of Goods Sold Credit $80,000.00 Long Term Debt $80,000.00 Credit Cash for $10,000.00 and $75,000.00 for Accounts Payable Accounts Payable for $80,000.00