The Alchemist Store supplies books to the public. The following transactions took place during the month of October 2021:

14 October: Sold goods on account to Walids Book Store for $3,600, terms 2/10, n/30. The cost of goods sold was $2,800.

16 October: The business forwarded a credit note for $280 to Walids Book Store covering part of the goods sold on 14 October, which cost $250, and were returned by Walids Book Store as a wrong title.

22 October: The Alchemist Store received a cheque from Walids Book Store in full settlement for the above transactions.

a) Using the perpetual inventory system, record the above transactions in the general journal of The Alchemist Store. Narrations are not required. (11 marks)

b) Discuss the advantage of a perpetual inventory system over the periodic inventory system (2 marks)