Problem 5-2A during February of the current year. Both companies use the perpetual inventory system. Feb. 6 Hall purchased $60,000 of merchandise from Chao on credit terms of 1/10, n/30, FOB shipping point. Separately, Hall paid a $1,000 bill for freight-in. Chao invoiced Hall for $60,000 (these goods cost Chao $36,000). Hall returned $5,000 of the merchandise purchased on February 6. Chao issued a credit memo for this amount and returned the goods to inventory (cost, $3,000). Hall paid $24,000 of the invoice amount owed to purchase. Chao allows its customers to take the cash discount on partial payments Hall paid the remaining amount owed to Chao for the February 6 purchase 10 15 Chao for the February 6 27 Required Journalize these transactions, first on the books of Hall Drug Store and second on the books of Chao Pharmaceuticals