You will prepare journal entries

You are the accountant for Agassi Tennis Academy. Prepare the journal entries for the following transactions.

March 1: Agassi Tennis Academy purchased 2,000 cans of tennis balls for inventory for $8,000 from Penn to sell in its stores at the tennis shop. The credit terms are 2/10, N/30

March 3: The stores at the tennis shop reported they sold 1,500 cans of tennis balls for a total of $9,000 cash. Record the sale portion of the journal entry.

March 3: The stores at the tennis shop reported they sold 1,500 cans of tennis balls for a total of $9,000 cash. Record the inventory portion of the journal entry.

March 7: Agassi Tennis Academy paid Penn for the cans of tennis balls purchased on March 1.

March 14: Agassi Tennis Academy purchased 1,000 rackets for inventory from China, LTD for $100,000. The credit terms are 1/10, N/30.

March 20: Upon inspection, Agassi Tennis Academy determined that 200 of the rackets were broken and were granted an allowance in the amount of $20,000 from China, LTD.

March 31: Agassi Tennis Academy paid China, LTD for the rackets.