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Suppose Your Sports uses the perpetual inventory system and purchsses $680,000 of sporting goods on acoount from 5K Sports on April 10, 2023. Credt lerms
Suppose Your Sports uses the perpetual inventory system and purchsses $680,000 of sporting goods on acoount from 5K Sports on April 10, 2023. Credt lerms are 4/10, nat 30 . Your Sports pays electronically on Apnl 20, 2023, and Ski Sports receives the money the same day, Joumalize Your Sports's (a) purchase and (b) cash payment transactions. What was Your Sports's net cost of this inventory? a. Joumalize Your Sports's purchase transaction. (Record debits first, then credits. Exclude explanations from journal entries.) b. Journalize Your Sports's payment transaction, (Round final answers to the nearest whole dollar.) What was Your Sports's net cost of this inventory
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