Exercise 9.13 RECORDING INVENTORY TRANSACTIONS Henry Halmstad began business on 1 March 2014. Henry balances the books at month-end and uses the periodic inventory system. Henry's transactions for March 2014 are detailed below. March 1 Henry invested $16 000 cash and $10 000 office equipment into the business. 2 Purchased merchandise from B Askoy on account for $4800 on terms of 2/15, n/30. 5 Sold merchandise to s Stavanger on account for $1200 on terms of 2/10, n/30. 8 Purchased merchandise for cash, $860 on cheque no. 003. 12 Purchased merchandise from N Kurikka on account for $2000 on terms of 2/10, n/30. 14 Paid B Askoy for 2 March purchase on cheque no. 004. 15 Received $1176 from S Stavanger in payment of the account. 21 Sold merchandise to Alesund Ltd on account for $1600 on terms of 2/10, n/30. 21 Paid N Kurikka for 12 March purchase on cheque no. 005. 22 Purchased merchandise from B Kimito on account for $2400 on terms of 2/15, n/30. 23 Sold merchandise for $1300 cash. 25 Returned defective merchandise that cost $600 to B Kimito. 28 Paid salaries of $1400 on cheque no. 006. Required Prepare journal entries for March 2014, using the pro-forma journals provided. Cash Receipts Journal Account Ref. Cash Disc. all. Sales A/c rec. Date Other Cash Payments Journal Ref. Other A/c pay. Date Account Ch. Purch. Cash Disc. rec. Purchases Journal Terms Date Account Ref. Amount Sales Journal Terms Date Account Ref. Amount Sales Journal Date Account Ref. Gr Sales Journal Ref. Date Account Dr 2 PART 2 Elements