5 February: Placed purchase orders on inventory, $10000 worth of boots, credit term 30 days from date of invoice. 16 February: Received inventory...

Hi, thank you for your help. In addition, it was mentioned the firm uses the weighted average method of valuing inventory & perptual inventory system to record inventory.

So, should the entry should be as follows?

16 Feb

Dr Inventory - Industrial Leather Boots   $10,000

Cr Cash at Bank - EDB                                   $10,000

If so, I would like to ask since the question did not mention that the invoice on 16th Feb was processed, it was merely receieved. Shouldn't there be another recording on 10 March, 30 days from the invoice for payment?

Or should it be
16 Feb
Dr Inventory - Industrial Leather Boots $10,000
Cr Account Payable - EDB                      $10,000

Then, a record of payment on 10 March, 30 days from invoice?