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Carla Vista Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 18 Purchased $12,500 of merchandise from
Carla Vista Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 18 Purchased $12,500 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. Carla Vista Electronics Store received an allowance of $750 for the merchandise purchased on March 16 because of minor damage to the goods. 25 Paid the balance due to Venus Distributors. For each transaction, prepare a journal entry to record the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Mar. 16: Merchandise Inventory Debit Credit 12500 For each transaction, indicate the amount that the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Mar. 16 Accounts Payable + $12,500+ Mar. 18. Inventory - $750 Mar. 25 Accounts Payable-$11,750 + Cash $11,515 Owner's Equity
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