Question 3 [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. May 2: Ludwig Inc,'s merchandise that cost $6,080 was sold to Southgate Inc. for $7,600 under credit terms of 2/15, ni60, FOB shipping point. b. May 23: Southgate Inc, received a $3,400 credit memorandum from Ludwig Inc, acknowledging the return of defective merchandise. c. May 28: Southgate Inc. paid Ludwig 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 dd/mmm (i.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) Southgate inc. b) Ludwig inc. Question 4 [50 points]