Question 4 (8 marks) James Brown runs a business of selling amplifier parts. The following transactions took place in October 2016. $ 612 750 Transaction Date Details 3 Purchase of goods on credit from Dave Grohl 2 7 Sold goods on credit to Tom Petty 3 12 Cash sales to Elvis Presley 4 14 Paid Dave Grohl the full amount owing. 5 30 Tom Petty paid the amount outstanding (there was a settlement discount of $20) As at 1 October 2016, Tom Petty's account shows a balance of $250. 820 612 980 Required: (a) Explain the advantages provided by the use of special journals. [3 marks) (b) For transactions 1 to 5, identify the special journals to be used. [2.5marks] (c) Post the transactions in the subsidiary ledger of James Brown with respect to the transactions with Tom Petty for the month of October 2016. [2.5 marks]