Requirement 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) March 16: Purchased merchandise Inventory on account. Date Accounts and Explanation Mar. 16 Debit Credit March 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that AZ sold the bicycles for $99 each.) Date Mar. 31 Accounts and Explanation Debit Now journalize the expense related to the March 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Mar Date Accounts and Explanation 31 Credit Debit Credit