Question 6 Central Paint Distributors uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 17 Sold $16,000 of merchandise to Fresh Look Paint Stores, terms 2/10, n/30, FOB destination. The merchandise had cost Central Paint Distributors $8,900. Paid freight costs of $230 for the March 16 sale. Gave Fresh Look Paint Stores an allowance of $610 for the March 16 sale. There was some minor damage to the goods. Collected the balance due from Fresh Paint Stores. 18 25 For each transaction, prepare a journal entry to record the transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 16 Accounts Receivable 16000 Sales 16000 (To record sales) Mar. 16 V Cost of Goods Sold 8900 Merchandise Inventory 8900 (To record cost) Mar. 17 Freight Out 230 Cash 230 Mar. 18 Sales Returns and Allowances 610 Accounts Receivable 610 Mar. 25 Cash 15082.2 Sales Discounts 307.8 Accounts Receivable 15390 (b) For each transaction, indicate the amount by which the transaction increased or decreased total assets, total liabilities, and owner's equity. Indicate No Effect if the transaction neither increased nor decreased any of these items. Date Assets Liabilities Owner's Equity Mar. 16 Mar. 16 Mar. 17 Mar. 18 Mar. 25 Mar. 25