PART 3 Recording transactions and adjustments Listed below are all the activities of Beach Emporium (BE) for the month of March. BE uses a periodic inventory system. Enter the following transactions and adjustments into BE's accounting equation and total the columns. Transactions Date March 2 Prepaid $24,000 rent for two years. Made $400 cash purchases of plastic rafts from Rafts-R-Us. Made a $900 credit sale rafts costing $550 to Sam's Sea Shack, with terms of 2/10, n/30. Purchased $700 of plastic rafts on credit from Rafts-R-Us. Made cash sales of $250 of rafts to Bernie Krispie; the cost of these rafts was $160 Received balance due from Sam's Sea Shack for rafts sold on credit on March 4 Received utility bill for $150 to be paid next month. Used up one month's rent. An inventory count showed $800 of rafts in stock 3 4 6 12 13 26 30 30 Stockholders' Liabilities Assets + Net Income Revenue Expenses COGS Exp Inventory Shrinkage Accounts Prepaid Rent 0 Accounts Utilities Payable Art Sales Utilities Rent Cash 29,000 Capital 28,600 Date Bal 3/1 Rec 500 Inventory 600 Payable 1,500 Revenue Exp Exp. 0