Suppose The Bay uses the perpetual inventory system and purchases $160,000 of women's sportswear on account from

Question:

Suppose The Bay uses the perpetual inventory system and purchases $160,000 of women's sportswear on account from Spanner Inc. on August 1, 2014. Credit terms are 2/10, net 30. The Bay pays electronically, and Spanner receives the money on August 10, 2014.
Journalize The Bay's
(a) Purchase
(b) Payment transactions. What was The Bay's net cost of this inventory?