Suppose Nancy's Bike Shop purchases $55,000 of sportswear on account from BC Sports, Inc., on August 1, 2018. Credit terms are 1/10, net 45. Nancy's Bike Shop pays BC Sports, Inc., on August 8, 2018. 1. Journalize the transactions for Nancy's Bike Shop on August 1, 2018, and August 8, 2018, assuming the "net" method is used. 2. What was the final cost of this inventory for Nancy's Bike Shop? 1. Journalize the transactions for Nancy's Bike Shop on August 1, 2018, and August 8, 2018, assuming the "net" method is used (Record debits first, then credits. Exclude explanations from any journal entries.) August 1: Purchases $55,000 of sportswear on account. Journal Entry Date Accounts Debit Credit Aug 1 August 8: Paid BC Sports, Inc.. Journal Entry Accounts Debit Credit Date Aug B 2. What was the final cost of this inventory for Nancy's Bike Shop? The final cost of the inventory for Nancy's Bike Shop was $ Choose from any list or enter any number in the input fields and then continue to the next