Post the transactions to the Merchandise Inventory account. Compare the total in this account with the...

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Post the transactions to the Merchandise Inventory account. Compare the total in this account with the total of the cash paid during March by Sandhill 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.) Merchandise Inventory Total cash payments for inventory in March $ Sandhill 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. 1 2 3 21 223 30 31 Sandhill Stores purchases $8,800 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. The correct company pays $175 for the shipping charges. Sandhill returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Sandhill a $1,100 credit on its account. Sandhill Stores purchases an additional $13,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30. FOB destination. The correct company pays $185 for freight charges. Sandhill returns $450 of the merchandise purchased on March 21 because it was damaged. Octagon gives Sandhill a $450 credit on its account. Sandhill paid Octagon the amount owing for the merchandise purchased on March 1. Sandhill 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 Sandhill 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.) Merchandise Inventory Total cash payments for inventory in March $ Sandhill 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. 1 2 3 21 223 30 31 Sandhill Stores purchases $8,800 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. The correct company pays $175 for the shipping charges. Sandhill returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Sandhill a $1,100 credit on its account. Sandhill Stores purchases an additional $13,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30. FOB destination. The correct company pays $185 for freight charges. Sandhill returns $450 of the merchandise purchased on March 21 because it was damaged. Octagon gives Sandhill a $450 credit on its account. Sandhill paid Octagon the amount owing for the merchandise purchased on March 1. Sandhill paid Octagon the amount owing for the merchandise purchased on March 21.