USA Inventory purchase, barter i get the inventory he gets a credit for future purchases from me.

[Aijan]

Hello,

let me describe the situation.

I got surplus assets of one company, no money changed hands. Instead we agreed I would give credit to this company for future purchases from me. When I get the stuff they need.

Would I record that as Dt Inventory
Cr Accounts Payable ?
Then after some time this company sends me PO to buy smth from me that costs less then the available credit.

What entries should I use to record the sales and adjust the credit amount?
How does Income account play here when I haven't received the money?


Thank you,