July 2nd July 12th July 15th July 18th July 19th July 28th Smilie Traders is a wholesaler of surfboards operating on the Central Coast of New South Wales. The company buys surfboards for $450 each and sells them for $620 each. On the 1st June the company had 150 surfboards in its store. During July 2021 the following transactions took place: Sold 110 surfboards for cash Purchased 130 surfboards from Waves Express, terms 10/7, n/30 Returned 10 surfboards purchased last month to Waves express as they were the wrong size Sold 90 surfboards on account, terms 5/7, n/30 Paid Waves Express for the surfboards purchased on July 12th. The customer who purchased the surfboards on July 18th paid the outstanding invoice in full. Required: a) Prepare the journal entries to record each of the above transactions in the accounting records of Smilie Traders assuming that the perpetual inventory system is used (9 marks) Ignore GST. No narrations are required b) Discuss why Smilie Traders would choose to use the perpetual inventory system rather than the periodic inventory system (1 mark) Word limit: maximum 50 words