Question: Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Mar3, business bought $1,500 inventory from ComDepot Inc. paid in Cash.

Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)

1. Mar3, business bought $1,500 inventory from ComDepot Inc. paid in Cash.

2. Mar5, business bought $7,200 inventory from the BEC Inc. Term 1/5, n/30 FOB

3. Mar6. Business paid $300 shipping charges for the inventory purchased on Mar5.

4. Mar7, Business purchased $8,500 inventory from Tommy's Inc. Term: 1/10, n/30 FOB

5. Mar10, business found $300 defective units from the Mar7 purchase and returned them back to Tommy's Inc.

6. Mar13 business paid BEC Inc in full

7. Mar 20, Business paid Tommy's Inc in full

8. Instead of paying Tommy's Inc on Mar20, What would be the entry if the business was paying Tommy's Inc on Mar17.

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