deprech Ditto sold Gestion 1 - Inventories 13 marks ournal entries - Perpetual inventory system/GST ember 20 The Business for which you will be working on in this exam using the XERO software is a retailer of electronic appliances that commenced business on 1st March 2020. You will be recording transactions for the month of March 2020 Use XERO to establish a business that is titled as Question 1, Student ID Number and your Name as the Business name (e.g. Question1_1234567_Alireza_Vafaei) and record one-month inventory transactions. The business uses the perpetual inventory system and FIFO inventory cost flow method. On 1st March the company ccommenced business with the following ledger balances: Balance $ Account Name $350,000 Cash at Bank $350,000 Capital he business buys and sells electronic appliances at prices described below. All prices include GST. Sell Price (Incl. GST) Buy Price (Incl. GST) Item Item Code WM MO RE DW AC ST DC Washing Machine Microwave Oven Refrigerator Dishwasher Air Conditioner Smart TV Desktop Computer $585 $468 $1,375 $849 $632 $1,495 $929 $933 $737 $2,245 $1,199 $857 $2,395 $1,359 ring March the following transactions occurred. current asset com fixtur preciate od the Mar. 1 Purchased 30 Washing Machines, 20 Dishwashers and 15 Air Conditioners from Fishery Washers for cash. Mar. 2 2019 Mar. 2 Paid freight of $209 to Fast Delivery Ltd on purchase from Fishery Washers. Purchased 16 Desktop Computers and 21 Smart TV from Storetech Ltd on accounts, terms n/30 Returned 1 Desktop Computer and 3 Smart TVs to Storetech Ltd and received credit of $5,414 including GST. Mar. 4 Mar. 9 Sold 12 Washing Machines and 5 Air Conditioners to Jacks Laundry on accounts, terms 3/15 or n/30. Granted credit of $2,723 including GST to Jacks Laundry for the return of 2 Washing Machines and 1 Air Conditioner. Mar. 10 Mar. 13 Purchased 23 Microwave Ovens, 17 Dishwashers and 12 Refrigerators from Ultra Clean Energy Suppliers on accounts, terms n/30. Mar. 18 Paid Storetech Ltd the balance due to settle the accounts. Mar. 21 Received payment from Jacks Laundry for settlement of account less discount. Mar. 27 Sold 8 Smart TVs, 10 Microwave Ovens and 2 Refrigerators to Lyndale Primary School on accounts, terms n/30. Lyndale Primary School paid 20% deposit and agreed to pay the outstanding balance on 12th April 2020. Required Record the March inventory transactions in the xero software. Once all the transactions have been entered into the xero software then attach the Journal Report from 1 March to 31 March 2020 in PDF format. Page