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BE5-6 Record sales transactions and indicate impact on assets, liabilities, and owner's equity. (LO 3) C 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 by which 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. BE5-7 Record sales transactions- perpetual system. (LO 3) AP Prepare journal entries to record the following sales transactions in Feng Company's books. Feng uses a perpetual inventory system. Jan. 2 Feng sold $20,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $7,900. 4 The correct company paid freight costs of $215. 6 Xiaoyan returned $1,500 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $590, and it was restored to inventory. Feb. 1 Feng received the balance due from Xiaoyan