Question 2 [20 points] Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system a. August 9. ABC Inc.'s merchandise that cost $3,600 was sold to Gulf Corp. for $4,500 under credit terms of 2/30, n/60, FOB shipping point b. August 16: ABC Inc. issued a $1.500 credit memorandum to Gulf Corp. for an allowance on goods sold on August 9 c. August 17: Gulf Corp. paid ABC Inc. the balance due. Enter the transaction letter as the description when entering the transactions in the journal Dates must be entered in the format ddimmm (.e., January 15 would be 15/Jan). Please use the "+" and "" buttons to change the number of accounts (if necessary) for each journal entry a) Gulf Corp. b) ABC Inc. General Journal Account/Explanation Date Aug Merchandise Inventory C # L Accounts Payable, ABC Inc. 16/Aug Accounts Payable, ABC Inc. CH 17/Aug F Debit 4,500 Page GJ2 Credit 4,500 General Joumal Account/Explanation Date WAug Accounts Receivabile, Gut Corp HA Sales SAug Cost Of Goods Sold CH 16/Aug Merchandise Inventory FDeb 4,500 3.000 Page G Creat 4.500 3,000