(a) Journalize the March transactions.

The following activities took place in March: Mar. 1(a) Purchased children laptop toys from Ambrose Limited, S93,000, terms 1/10, n/30, FOB shipping point. (b)The responsible party paid the freight charges of $400. The goods were collected by the shipping company on 1 March and arrived at ITI's warehouse on 4 March. 1(c) Sold 15,000 Treasury shares at $2 each. 1(d) Purchased 10% shareholding in Charlotte Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,000,000 as at 1 March. The purchase consideration included a $1,800,000 note receivable due from Charlotte Limited and the related interest receivable balance of S96,000, $94,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $80,000. 1(c) Sold remote control helicopters valued at $298,000 to Vincent Limited, a wholesaler, terms n/20, FOB destination. The appropriate party paid delivery charges of $500. The goods were shipped on 1 March and arrived at the warehouse of Vincent Limited on 3 March, 2 A 10% share dividend was declared when the market value per share was $2.1. 3 Cash is received from Vincent Limited for the remote-control helicopters shipped on 1 March and arrived at the warehouse of Vincent Limited 3 March 4 Sold kids ride on cars to Gavin Limited, $83,300, terms n/30, FOB shipping point. The appropriate party paid freight charges of S315. The goods were shipped on 4 March and arrived at the warehouse of Gavin Limited on 6 March. The management determined that the amount due from a customer, Tommy Limited, $34,500 is uncollectible as the company has closed down. 6 Purchased supplies of $3,900 on account from Jimmy Printing and Stationery Limited 7(a) Paid cash to acquired 20,000 shares of its own at $2.3 cach. 7(b) Received credit memorandum of $1,200 from Ambrose Limited for goods purchased in March. 8 Granted Gavin Limited an allowance of $980 (original price) due to discrepancy in the color of the ride on cars. 9 Sold flying disc and toy swings to Action Limited, list price of $82,075 with a 20% trade discount, n/20, FOB shipping point. The responsible party paid freight-charges of $640. The shipping document showed that the goods arrived at the warehouse of Action Limited on 12 March. 5 Mar. 10 Paid Ambrose Limited for the children laptop toys bought on 1 March and the amount of $140,000 on account for the purchase on 29 February Purchases terms with Ambrose Limited in February was 2/10. n/30, FOB shipping point 11 Paid $108.000 for salary up to 10th March (Tuesday). All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks. Employees are entitled to full pay on public holidays but not on Saturday and Sunday 12 Received payments from Gavin Limited, for the March sales. 13 Acquired $100,000 toy musical instruments by signing a 90-day, 5% notes payable. 16 Quecnic Company Limited, a customer, has financial difficulties and unable to pay the outstanding balance of $210,000. The company has a long-term relationship with Queenie, and agreed to accept a 12%, 60-day notes from the customer to settle the outstanding balance. 17 Share dividends were distributed 21 Paid all dividends declared previously. 25 Received from Tom Limited, S120,000, as the prepayment for the leasing of part of the warehouse for one year from 1 April 2020 to 31 March 2021. 27 Delivered inflatable castle of $39,750 on consignment to Vincent Trading Limited. 28 Purchased $23,450 play mats from McMillan Company, FOB Destination, terms 1/10, n/45. The shipping document showed that the goods were received on 3rd April 2020. 29 A cash dividend was declared for preference shares and a cash dividend of $0.04 per share was declared for ordinary shares. 30 Received a check of $15,525 from the liquidator of Tony Limited. Tony Limited was closed down in December 2019 and the managing director of ITI authorized to write off $45,000, being the full amount outstanding in the accounts of Tony Limited, as of then