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Fanzi Furniture Company engaged in the following transactions during March of the current year: ...

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Accounting

Fanzi Furniture Company engaged in the following transactions during March of the current year:
March 5th : Purchased store supplies on credit terms of eom, $6,800 before taxes
March 8 : Purchased inventory of $54,000 plus a freight charges of 2,200. Credit terms 315,n30
March 9: Returned damaged goods purchased on March 8:$2,000 before taxes
March 10: Sold goods on credit terms 215,n30,$21,600. Fanzi,s cost of these goods was $13,000
March 12: Received returned inventory from March 10 sale : $5,000 before taxes
March 15: Paid supplier for the goods purchased on March 8
March 20: Received $10.000 in partial settlement of the Mach 10
March 30: Received and paid the electricity bill : $1,500, before taxes
Required
Journalize the preceding transactions, with the sales taxes, on the books of Fanzi Furniture Company. The company uses the perpetual inventory system. Give short explanations
Suppose the balance in inventory was $45,500 on March 1. What is the balance in inventory on March 30?
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