Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company's inventory amounted to $2,500,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows:

Jan. 2	Sold one telescope costing $975,000 to Beijing University for cash, $1,300,000.
Jan. 5	Purchased merchandise on account from Lunar Optics, $430,000. Terms, net 30 days.

a.	Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2. (Omit the "$" sign in your response.)

General Journal	Debit	Credit
(Click to select)Cost of merchandise purchasedCashAccounts receivableAccounts payableCost of goods soldPurchasesInventorySales
(Click to select)InventoryCost of merchandise purchasedPurchasesCost of goods soldAccounts payableAccounts receivableCashSales
(Click to select)CashCost of merchandise purchasedAccounts payableSalesCost of goods soldPurchasesAccounts receivableInventory
(Click to select)Cost of goods soldPurchasesInventoryCashCost of merchandise purchasedAccounts payableAccounts receivableSales
(Click to select)Cost of goods soldCost of merchandise purchasedInventorySalesAccounts payableAccounts receivableCashPurchases
(Click to select)SalesPurchasesAccounts payableAccounts receivableCost of goods soldCost of merchandise purchasedCashInventory