Fresh Interiors reported the following transactions in March 2020: (Click on the icon to view the transactions.) Requirements 1. Record the transactions for the month of March assuming the periodic inventory system is used. 2. Prepare a partial income statement through gross profit for the month ending March 31, 2020. 3. Assume it is the company's year-end. Prepare the end-of-period entries to update inventory and record cost of goods sold. 4. Assume last month's gross profit percentage was 31%. Has this improved or declined in March? What likely accounts for this change? Requirement 1. Record the transactions for the month of November assuming the periodic inventory system is used. (Record debits first, then credits. Enter explanations on the last line.) Mar. 3: Sold merchandise on account to Emma Baker, $2,000, terms 2/10, n/30. Transactions Journal Entry Date Accounts and Explanation Debit Credit Mar. 3 Mar. 3 Sold merchandise on account to Emma Baker, $2,000, terms 2/10, n/30. 5 Sold merchandise on account to Alia O'Mahony, $1,700, terms 1/10, n/30. 8 Bought $1,525 of merchandise inventory on account. Paid $135 for the freight fee on the inventory. 10 Collected payment from Emma Baker for the March 3 sale. 13 Alia O'Mahony returned $1,200 of the merchandise bought on March 5. 14 Collected payment from Alia O'Mahony for the balance of the March 5 sale 15 Returned $35 of inventory that was defective from the March 8 purchase. 26 Paid the account payable from the March 8 purchase. 31 Physical count indicated that Fresh Interiors had $350 in ending inventory. The balance in beginning inventory is $500. Print Done