PSB4.2 Journalise purchase and sale transactions under a perpetual inventory system. LO2, 3 Wen He Warehouse distributes miniature paintings to retail stores and extends credit terms of 1/7,n/30 to all of its customers. During the month of January, the following inventory transactions occurred: July 1 Purchased 50 paintings on account for $30 each from Reproductions R Us, terms 1/7, n/30. 3 Sold 40 paintings on account to Mini Paintings Ltd for $50 each. 6 Paid Reproductions R Us in full. 9 Received payment in full from Mini Paintings Ltd. 17 Sold 30 paintings on account to Little Painters for $50 each. 18 Purchased 60 paintings on account for $30 each from Small Artistry, terms 27, /30. Also made a cash payment of $200 for freight on this date. 20 Received $300 credit for 10 paintings returned to Small Artistry. 21 Received payment in full from Little Painters. 22 Sold 40 paintings on account to The Paint Box for $50 each. 30 Paid Small Artistry in full. 31 Granted The Paint Box $250 credit for 5 paintings returned costing $150. Required (a) Journalise the transactions for the month of January for Wen He Warehouse, using a perpetual inventory system. Assume the cost of each painting sold was $30. (b) What are the advantages and disadvantages for Wen He Warehouse of using a perpetual inventory system as opposed to a periodic system