(Solved): A company paid cash of \( \$ 3,500 \) on its account with one of its suppliers it regularly purcha ...

A company paid cash of \( \$ 3,500 \) on its account with one of its suppliers it regularly purchases inventory from. The inventory purchase itself was recorded previously. What is included in the journal entry necessary to record this payment on account? Credit to inventory for \( \$ 3,500 \). Debit to inventory for \( \$ 3,500 \). Debit to accounts payable for \( \$ 3,500 \). Credit to accounts payable for \( \$ 3,500 \). 6) On January 1 , a company has total assets of \( \$ 500,000 \), total liabilities of \( \$ 200,000 \), and total equity of \( \$ 300,000 \). On January 1 , the company entered into the following two transactions: - Purchasing goods for resale: Total cost of this inventory was \( \$ 90,000 \). The company paid \( \$ 10,000 \) cash and the remainder was put on the company's credit accounts with its suppliers. - Selling land for cash: The original cost of the land was \( \$ 62,000 \). The land was sold for \( \$ 180,000 \). After these two transactions, what is the total of the company's assets? \[ \begin{array}{l} \$ 580,000 \\ \$ 698,000 \\ \$ 708,000 \\ \$ 778,000 \end{array} \]