The account inventory asset should never be posted to. It is a summing account and the items are basically sub accounts with qty and cost. So if you used it in a transaction, that is the first thing that needs to be changed or deleted. You can not, if you use inventory items, post to inventory asset with a journal entry or any other type of entry
Items received without a bill, does affect inventory, as long as you used items, inventory items. So if there was no effect to inventory asset I have no idea what you did in the entry.
One time you say A buys from B, then you say you are treating that purchase as a loan. It can not be both.
When you borrow money to buy inventory, that does affect inventory asset since you are entering the items you purchased. Just as entering a bill, which is basically borrowing money until paid, does.
