17. What is the difference between permanent accounts and temporary accounts and why does an accounting system have both types of accounts? 18. What are the purposes of closing entries? 19. A company has the following transactions during March: March 3 Purchases inventory on account for $3,500, terms 2/10,n/30. March 5 Pays freight costs of $200 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,000 on account. Record all transactions, including the month-end adjustment to cost of goods sold, assuming the company uses a periodic inventory system and has no beginning inventory