Suppose Nelson's Sports purchases $40,000 of sportswear on account from Northeast Trail, Inc., on July 1, 2018 Credit terms are 2/10, net 30. Nelson's Sports pays Northeast Trail, Inc., on July 8, 2018 1. Journalize the transactions for Nelson's Sports on July 1, 2018, and July 8, 2018, assuming the "net" method is used 2. What was the final cost of this inventory for Nelson's Sports? 1. Journalize the transactions for Nelson's Sports on July 1, 2018, and July 8, 2018, assuming the "net" method is used (Record debits first, then credits. Exclude explanations from any journal entries.) July 1: Purchases $40,000 of sportswear on account. Journal Entry Date Accounts Debit Credit July Inventory 40000 Accounts payable 40000 1 July 8: Paid Northeast Trail, Inc. Journal Entry Date Credit July 8 Accounts Accounts payable Inventory Cash Debit 40000 800 2. What was the final cost of this inventory for Nelson's Sports? The final cost of the inventory for Nelson's Sports was $