9 eBook Question 5 Partially correct Mark 7.22 out of 10.00 p Flag question Preparing Journal Entries Fitbit Inc. is a technology company that designs, manufactures, and sells wearable devices with software and services to help customers reach their health and fitness goals. During fiscal 2018, Fitbit purchased inventory costing $727,504 ($ thousands). Assume Fitbit makes all purchases on credit and its accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's fiscal 2017 and 2018 balance sheets ($ thousands). Inventories 2017 Bal. 99,116 2018 Bal. 99,897 Accounts Payable 170,185 2017 Bal. 201,326 2018 Bal. Record the following journal entries: (a) Record Fitbit's 2018 purchases. (b) Record cash paid to suppliers during its fiscal year 2018. (c) Record cost of goods sold for its fiscal year 2018. Debit 727,504 0 Credit 0 727,504 Account (a) Inventories Accounts Payable To record total purchases made during the year. (b) Accounts Payable Cash To record total payments made to suppliers during the year. (C) Cost of Goods Sold Retained Earnings X To record cost of goods sold during the year. 99,897 x 07 0 0x 0 x 0 0 0x Check