Central Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Sold $16,100 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB 17 Paid freight costs of $210 for the March 16 sale. 18 25 25 Gave Fresh Look Paint Stores an allowance of $650 for the March 16 sale. There Collected the balance due from Fresh Paint Stores. 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.) ccount Titles and Explanation Accounts Receivable Debit 16100 Sales o record sales on account.) Cost of Goods Sold Sales Date Account Titles and Explanation Debit Mar. 16 Accounts Receivable: 16100 Sales (To record sales on account.) Mar. 16 Cost of Goods Sold Mar. 17 Mar. 18 Merchandise Inventory (To record cost of goods sold.) Freight Out 210 Cash (Cash payment for freight costs.) Sales Returns and Allowances Accounts Receivable (To record credit for damaged goods.) 650 Credit 16100 210 650 Mar 17 (to record cost or goods sold) Freight Out Mar. 18 Cash (Cash payment for freight costs) Sales Returns and Allowances Accounts Receivable (To record credit for damaged goods.) Mar 25 Cash Sales Discounts Accounts Receivable (Collection on account.) 210 650 210 650 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 Mar. 16) Mar. 16 Mar. 17 Mar. 18 Mar. 25 Liabilities Owner's Equity