Test 3 Accounting I, Spring 2019 1. Rackley Company completes these transactions and events during March of the current year (terms of all credit sales are 2/10, n/30, unless otherwise stated in the transaction); perpetuali inventory system was adopted by Rackley Company in recording its inventory transactions March 1 Received $87,200 of merchandise and an invoice dated March 1, terms 2/15, n/30, from 2. Sold merchandise on credit to Armand Leon, Invoice No. 854, for $33,600 (cost 3. Purchased $2460 of office supplies on credit from Hilary Company, invoice dated March 3. Sold merchandise on credit to Kit Dean, Invoice No. 855, for $20,400 (cos. . Borrowed $164,000 cash by giving Commerce Bank a long- term note payabl 9. Purchased $43,700 of office equipment on credit from Rose Supply, Invoice dated March $16,800). 3, terms 2/10, EOM. $11,600). 9, terms 3/10, EOM. 10.Sold merchandise on credit to Taylor Wood, Invoice No. 856, for $11,200 (cost, $5,800). 12. Received payment from Armand Lcon for the March 2 sales less discount. 13. Sent Check No. 416 to Fox Industries in payment of the amount due on theMarch 1, invoice. 13. With respect to the sale of March 3, received the amount due from Kit Dean. 13. Received $32,625 of merchandise and an invoice 1 dated March 13, terms 2/10, n/30, from the LR Company 15. Issued Check No. 417, in payment of sales salaries for the first half of the month,$18,000. 15. Cash sales for the first half of the month are $69,000 (cost is $40,400) 16.Purchased S1,700 of store supplies on credit from Hilary Company, invoice datedMarch 16, terms n/10 EOM. 17. Received $2,400 credit memorandum from LR Company for unsatisfactory merchandize received on March 14, and returned for credit