Recording inventories transactions George Ltd began business on 1 March 2025. George balances the books at month-end and uses the periodic method. George Ltd's transactions for March 2025 are detailed below. George Ltd makes payments using electronic banking.

Required Prepare journal entries for March 2025, using the pro-forma journals provided.

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March 1 George Ltd invested $100 000 cash and $40 000 office equipment into the business. 2 Purchased merchandise from B Broome on account for $4 800 on terms of 2/15, n/30. 5 Sold merchandise to S Moree on account for $2 400 on terms of 2/10, n/30. 8 Purchased merchandise for cash, $860, payment reference no. 003. 12 Purchased merchandise from N Narrabri on account for $4 000 on terms of 2/10, n/30. 14 Paid B Broome for 2 March purchase, payment reference no. 004. 15 Received $2 400 from S Moree in payment of the account. 21 Sold merchandise to Forbes Ltd on account for $3 200 on terms of n/30. 21 Paid N Narrabri for 12 March purchase, payment reference no. 005. 22 Purchased merchandise from B Geelong on account for $2 400 on terms of 2/15, n/30. 23 Sold merchandise for $2 600 cash. 25 Returned defective merchandise that cost $600 to B Geelong. 28 Paid salaries of $1 800, payment reference no. 006.