Problem 6.58 Merchandising Transactions The following is a series of related transactions between Hip Pants and Sleek, a chain of retail clothing stores: 5 12 Oct Hip Pants sold Sleek 300 pairs of pants on account, terms 1/10, 1/30. The cost of these pants to Hip Pants was $80 por pair, and the sales price was $240 por pair 15 Oct Wings Express charged $400 for delivering the goods to Sleek. These charges were spit evenly between the buyer and the seller and were paid immediately in cash 16 Oct Slook returned four pairs of pants to Hip Pants because they were the wrong size Hip Pants alowed Sleek full credit for this return 22 Oct Sleek paid the remaining balance due to Hip Pants within the discount period Both companies use a perpetual inventory system. a. Record this series of transactions in the general journal of Hip Pants. (The company records salos at gross sales price.) Journal entries by Hip Pants: Seller)