Prepare all necessary journal entries for the following transactions for the Hot Rod Shop inc., who uses a perpetual inventory system for inventory.

1) On March 1st The Hot Rod Shop Inc., purchased 20 set of brakes at $50 each from stop-n-go distributors with terms 2/10, n/30.

2) On March 2nd The Hot Rod Shop Inc, paid $100 for freight on the delivery from stop-n-go distributors

3) On March 5th The Hot Rod Shop Inc, returned 2 defective sets of brakes which were purchased on March 1st from stop-n-go distributors.

4) On March 7th The Hot Rod Shop Inc, sold 8 sets of brakes to Wheels & More, Ltd. for $80 each with terms 1/10, n/30. These brakes acquired on March 1st.

5) On March 9th The Hot Rod Shop Inc, paid stop-n-go distributors the balance due

6) On March 11th The Hot Rod Shop Inc, granted a $20 allowance to Wheels & More, Ltd. as some of the sets of brakes did not meet expectations.

7) On March 14th, The Hot Rod Shop Inc, received the balance due from Wheels & More Ltd.