Problem 5-2A The following transactions occurred between Chao Pharmaceuticals and Hall Drug Store Accounting for the purchase and during February of the current year. Both companies use the perpetual inventory systemsale of inventory under the per- Feb. 6 Hall purchased $60,000 of merchandise from Chao on credit terms of 1/10, 2 petual inventory system 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 Chao for the February 6 purchase. Chao allows its customers to take the cash discount on partial payments. Feb 27 Cash amount, S 31,000 10 15 27 Hall paid the remaining amount owed to Chao for the February 6 purchase Required Journalize these transactions, first on the books of Hall Drug Store and second s of Chao Pharmaceuticals