Rainbow Inc., (Wholesaler) and Supper Mart (Merchandiser) both use a perpetual inventory system. Following transactions took place during February between the two companies: Jan. 8 Rainbow Inc., sold Supper Mart 500 pairs of sunglasses on account, terms 2/20, n/30 for $100 per pair. The cost of these sunglasses to Rainbow Inc., was $50 per pair. Jan. 10 Pakistan Delivery delivered sunglasses to Supper Mart for $110. Half of these charges were paid by Rainbow Inc., and remaining was paid by Supper Mart. Jan. 14 Supper Mart returned sunglasses worth $1000 to Rainbow Inc., the sunglasses had a cost of $500. Jan. 28 Supper Mart paid to Rainbow Inc., for the sunglasses purchased on Jan 8. Required a. Journalese the transactions for Rainbow Inc. b. Journalese the transactions for Supper Mart. Note: In case of compound entries, please use account titles in alphabetical order. Use the following account titles only o O O o Accounts payable Accounts receivable Cash Cost of goods sold o Delivery expense Discount 0 Inventory o Return and allowance o o Sales revenue Solution a. Date Account title Dr Cr Jan 8 Jan 10 Jan 14 Jan 28 b. Date Account title Dr Cr Jan 8 Jan 10 Jan 14 Jan 28