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Crane Traders is a wholesaler of fishing rods operating at Forster on the NEW north coast. The company buys fishing rods for 5250 each and sells them for 5310 each. On the 15JE August the company had 190 fishing rods in its store. During August ZDZL the following transactions took place: August 3rd Purchased 100 fishing rods from Peels Express. terms SKID. nI3U August 4th Paid $141] freight on the fishing rods purchased from Peels express on August 3rd August 11th Sold 1513 fishing rods on account. terms 5..\"10, nIED August 14th Sold 80 fishing rods for cash. August 16th Returned 15 fishing rods purchased last month to Peels Express as they were damaged. August 18th A customer returned 20 of the shing rods sold on August 11th and paid for the remaining fishing rods sold. August 24th Paid for the fishing rods purchased on August 3rd_ At the end of August. a physical count of inventoryr revealed that the business had 65 fishing rods in its store. Required: a] Prepare the journal entries to record each of the above transactions in the accounting records of Crane Traders assuming that the periodic inventory system is used [9 marks] Ignore GET. [No narrations are required} b} Discuss the importance of performing a stocktake at the end of the accounting period for the periodic inventory system [1 mark} 1Word limit: maximum SD words