Suppose Target uses the perpetual inventory system and purchases $320,000 of women's sportswear on account from Big and Beautiful Inc. on August 1, 2017. Credit terms are 2/10, net/60. Target pays electronically, and Big and Beautiful receives the money on August 10, 2017. Journalize Target's (a) purchase and (b) payment transactions. What was Target's net cost of this inventory? a. Journalize Target's purchase transaction. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Date Accounts Debit Credit Aug 1 inventory 320,000 Accounts Payable