Recording inventories transactions  LO3, 4 William Ltd began business on 1 March 2021. William Ltd balances the books at month‐end and uses the periodic method. William Ltd’s transactions for March 2021 are detailed below. March 1 William Ltd invested $16 000 cash and $10 000 office equipment into the business. 2 Purchased merchandise from B Broome on account for $4800 on terms of 2/15, n/30. 5 Sold merchandise to S Moree on account for $1200 on terms of n/30. 8 Purchased merchandise for cash, $860 on cheque no. 003. 12 Purchased merchandise from N Narrabri on account for $2000 on terms of 2/10, n/30. 14 Paid B Broome for 2 March purchase on cheque no. 004. 15 Received $1200 from S Moree in payment of the account. 21 Sold merchandise to Forbes Ltd on account for $1600 on terms of n/30. 21 Paid N Narrabri for 12 March purchase on cheque no. 005. 22 Purchased merchandise from B Geelong on account for $2400 on terms of 2/15, n/30. 23 Sold merchandise for $1300 cash. 25 Returned defective merchandise that cost $600 to B Geelong. 28 Paid salaries of $1400 on cheque no. 006. Required Prepare journal entries for March 2021, using the pro‐forma journals provided.