are e c. Assume that you accounting method-net cost or gross information? Explain. Problem 6.5A The following is a series of related t wholesaler, and Sole Mates, a chain of retail shoe stores: following is a series of related transactions between Siogo Shoes, a The cost of these boots to Siogo Shoes was $600 per pair, and the sales price $1,000 per pair. 9 Feb. Siogo Shoes sold Sole Mates 100 pairs of hiking boots on account, terms 1/10,D3O 12 Feb. United Express charged $800 for delivering the goods to Sole Mates. These charges wer 13 Feb. 19 Feb. split evenly between the buyer and seller and were paid immediately in cash. Sole Mates returned 10 pairs of boots to Siogo Shoes because they were the wrong size. Siogo Shoes allowed Sole Mates full credit for this return. Sole Mates paid the remaining balance due to Siogo Shoes within the discount period Both companies use a perpetual inventory system. Instructions a. Record this series of transactions in the general journal of Siogo Shoes. (The company h. Record this series of transactions in the general journal of Sole Mates. (The company reco sales at gross sales price.) records purchases of goods at net cost and uses a Transportation in account to rec transportation charges on inbound shipments.) discount period. However, it has a line of credit with its bank, which enables Sole M matter of general policy, should Sole Mates take adva e. Sole Mates does not always have enough cash on hand to pay for purchases w within the s Sole Matest t. (The ntage of 1/10, n/30 cash discounts end arges interest only for the number of days until Sole Mates repays the loan.) if it must borrow the illustrate any supporting computations. to do so at an annual rate of 11 percent? Explain fully