Sheridan Stores is a new company that started operations on March 1,2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Mar. Sheridan Stores purchases $9,000 of merchandise for resale from Octagon Wholesalers, terms 2/10,n/30, FOB shipping 1 point. 2 The correct company pays $140 for the shipping charges. 3 Sheridan returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Sheridan a $1,100 credit on its account. 21 Sheridan Stores purchases an additional $12,000 of merchandise for resale from Octagon Wholesalers, terms 2/10,n/3 FOB destination. 22 The correct company pays $170 for freight charges. 23 Sheridan returns $400 of the merchandise purchased on March 21 because it was damaged. Octagon gives Sheridan a $400 credit on its account. 30. Sheridan paid Octagon the amount owing for the merchandise purchased on March 1. 31 Sheridan paid Octagon the amount owing for the merchandise purchased on March 21. Post the transactions to the Merchandise Inventory account. Compare the total in this account with the total of the cash paid during March by Sheridan for the purchase of inventory, (Note: Assume there were no sales of inventory in March.) (Post entries in the order of journal entries presented in the previous part.) Post the transactions to the Merchandise Inventory account. Compare the total in this account with the total of the cash paid during March by Sheridan for the purchase of inventory. (Note: Assume there were no sales of inventory in March) (Post entries in the order of joumal entries presented in the previous part.) Total cash payments for inventory in March