Asheton Supplies Inc. purchases 1,000 fax machines from its main supplier for $100,000 cash. Asheton plans to

Question:

Asheton Supplies Inc. purchases 1,000 fax machines from its main supplier for $100,000 cash. Asheton plans to resell 900 of them to customers for use in homes and offices. The additional fax machines will be used in Asheton's offices.
Required
Prepare the entry that Asheton would make to record the purchase. Explain your reasoning for the account(s) you use to record the new fax machines.