Central Paint Distributors uses a perpetual inventory system. The company had the following transactions in March.
Mar. 16 Sold $15,000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destination. The merchandise had cost Central Paint Distributors $8,700.
17 Paid freight costs of $170 for the March 16 sale.
18 Gave Fresh Look Paint Stores an allowance of $750 for the March 16 sale. There was some minor damage to the goods.
25 Collected the balance due from Fresh Paint Stores.
For each transaction, (a) prepare a journal entry to record the transaction and (b) indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate NE (no effect) if the transaction neither increased nor decreased any of these items.