Sanso Supply Company uses a periodic inventory system. During March, the following transactions and events occurred.
March.3​Purchased 1200 backpacks at $70 each from Makka Company, terms 5/10, n/120
March.6​Received credit of $700 for the return of 10 backpacks purchased on March. 3 that were defective.
March.9​Sold 250 backpacks for $200 each to Ghazala Books, terms 2/10, n/30.
March.13​Paid Makka Company in full.
March.19​Received payments from Ghazala Books.