Cullumber Stores is a new company that started operations on March 1, 2021. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. 1 2 3 21 22 23 30 31 Cullumber Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. The correct company pays $160 for the shipping charges. Cullumber returns $1,200 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Cullumber a $1,200 credit on its account. Cullumber Stores purchases an additional $14,000 of merchandise for resale from Octagon Wholesalers, jerms 2/10, n/30, FOB destination. The correct company pays $170 for freight charges. Cullumber returns $450 of the merchandise purchased on March 21 because it was damaged. Octagon gives Cullumber a $450 credit on its account. Cullumber paid Octagon the amount owing for the merchandise purchased on March 1. Cullumber paid Octagon the amount owing for the merchandise purchased on March 21. Prepare Cullumber Stores' journal entries to record the above transactions. (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. 1 V Merchandise Inventory Mar. 2 Accounts Payable (Purchase on account.) Freight In Cash (To record cash payment of freight.) Debit 9,200 160 Credit 9,200 160 Mar 3 Accounts Payable Mar. 21 Merchandise Inventory (To record purchase return.) Merchandise Inventory Accounts Payable (Purchase on account.) Mar. 22 Freight In Cash Mar 23 v Accounts Payable Merchandise Inventory (To record purchase return.) 1,200 14,000 70 450 1.200 14,000 70 450 Fall 2021 Question 2 of 5 < > Mar. 23 Accounts Payable Mar. 30 Merchandise Inventory (To record purchase return.) Accounts Payable Cash (Payment on account.) Mar. 31 v Accounts Payable Purchase Discounts Cash 450 8,000 13,550 -/20 450 8,000 271 13.279 Post the transactions to the Merchandise Inventory account. Compare the total in this account with the total of the cash paid during March by Cullumber for the purchase of inventory. (Note: Assume there were no sales of inventory in March.) (Post entries In the order of Journal entries presented in the previous part.) Merchandise Inventory Total cash navments for inventors in March