Suppose Nancy's Bike Shop purchases $40,000 of sportswear on account from US Sportwears, Inc., on July 1, 2018. Credit terms aro 3/10, net 60. Nancy's Bike Shop pays US Sportwears, Inc., on July 8, 2018 1. Joumalize the transactions for Nancy's Bike Shop on July 1, 2018, and July 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 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 Accounts Debit Credit Date July 1 July 8. Paid US Sportwears, Inc.. Journal Entry Accounts Date July 8 Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question, July 8: Pald US Sportwears, Inc. Journal Entry Accounts Debit Credit Date July 8 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 question o n continuo N