No Spacing Heading 1 Heading 2 Title 5. Sales Transactions: The following information describes a series of transaction between the primary retailer, Purrfect Pets and both its supplier, Doug's Dog Food, and Purfect's customer, Pet Smart. Assume that Purfect Pet has a beginning cash balance of S50k and a beginning inventory balance of SO. Assume that Pet Smart also has a beginning cash balance of S50k and a beginning inventory balance of SO. a) May 1, Purrfect Pets bought 2,000 bags of dog food on credit from Doug's Dog Food, at a cost of S10 a bag; Doug's Dog Food offered Purrfect Pets 2/10, net 30 early payment discount terms. b) May 5, Purrfect Pets returned 200 of the bags to Doug's Dog Food because they did not need them. c) May 6, Purrfect Pets sold 600 bags of dog food this month for S20 cach on credit to Pet Smart; Purrfect Pets offered Pet Smart 2/10, net 30 early payment discount terms. d) May 7, Purrfect Pets paid the amounts owed to Doug's Dog Food. e) May 10, 100 bags.were.rcturned to.Purrkect Pets by Pet Smart; the bags were in good condition and can be resold by Purrfect at a later date. f) May 12, Pet Smart paid the balance owed to Purrfcct Pets. A. Record the Transactions described above from the perspective of both Purrfect Pets and Pet Smart, assuming both use the perpetual inventory system in the order in which they occurred. Make sure your answer is in a general journal entry fornjat, not T-accounts. For example: Cr- Common Stock 100k