Central Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 17 18 25 Sold $13,400 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destination. The merchandise had cost Central Paint Distributors $8,800. Paid freight costs of $160 for the March 16 sale. Gave Fresh Look Paint Stores an allowance of $750 for the March 16 sale. There was some minor damage to the goods. 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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Mar. 16 Account Titles and Explanation Accounts Receivable 13400 13400 Sales (To record sales on account.) Cost of Goods Sold Mar. 16 8800 8800 Merchandise Inventory (To record cost of goods sold.) Freight Out Mar. 17 160 Cash 160 (Cash payment for freight costs.) Sales Returns and Allowances Mar. 18 750 750 Accounts Receivable (To record credit for damaged goods.) Cash Mar. 25 Sales Discounts I Accounts Receivable (Collection on account.)