cuum Picwork Question 2 Carnes Camp Ltd is a wholesale business that sells a range of tents. The business uses the perpetual inventory method and makes a FIFO assumption about the flow of inventory through the business. On 1 March 2015, the firm's ledger contained the following account balances: Accounts payable Accounts receivable Inventory (40 tents, cost $205 each) 22 900 13 500 8 200 A selection of the transactions for the year, in the order in which they occurred, is given below: March 3 Received payment in full from customers who owed the business $13 500 on 1 March. These debtors received cash discounts totalling $500. March 10 The amounts owing to suppliers on 1 March of $22 900 was settled by paying $22 200, after deducting cash discounts of $700. March 14 Bought 60 tents on credit for $ 12 600. March 22 Sold 40 lents on credit with a marked price of $380 each, allowing the buyers a trade discount of 5 per cent. March 31 A stocktake at the end of the year showed that 55 unsold tents were on hand. The stocktake also revealed that 2 tents were damaged while in storage and would need to be sold at a reduced price of $180 each. Required Prepare entries in general journal form to record the transactions described above. [Total for Question 2 = 14 marks]