The following is a series of related transactions between Hip Pants and Sleek a chain of retail clothing stores 12 Oct Hip Pants sold Sleek 300 pairs of pants on account terms 1/10,/30. The cost of these pants to Hip Pants was $80 per pair, and the sales price was $240 per pair 15 Oct. Wings Express charged $400 for delivering the goods to Sleek. These charges were splitevenly between the buyer and the seller and were paid immediately in cash 16 Oct. Sleek returned four pairs of pants to Hip Pants because they were the wrong size Hip Pants allowed Sleek full creditfor this return 22 Oct.Sleek paid the remaining balance due to Hip Pants within the discount period Both companies use a perpetual inventory system Instructions a. Record this series of transactions in the general journal of Hip Pants. The company records sales at gross sales price.) (Omit the "S" sign in your response. 12 Oct Accounts recebe Sales 12 Cost of goods sold Inventory 15 Doubly expense 16 Sales returns & allowances Accounts receivable Cost of goods sold Cash Sales discount Accounts recebe b. Record this fansactions in the count of Sleek (The co u chases of goods her cool and uses a Transportation in accotto record transportation changes on inbound shipments mit the "S" sign in your response