Goodmonth Tire Company

The following transactions for Goodmonth Tire Company occurred during the month of March 2017:

a. Purchased 500 automobile tires on account at a cost of HK$40 each for a total of HK$20,000.
b. Purchased 300 truck tires on account at a cost of HK$80 each for a total of HK$24,000.
c. Returned 12 automobile tires to the supplier because they were defective.
d. Paid for the automobile tires.
e. Paid for half the truck tires.
f. Paid the remaining balance owed on the truck tires.
g. Sold on account 400 automobile tires at a price of HK$90 each for a total of HK$36,000.
h. Sold on account 200 truck tires at a price of HK$150 each for a total of HK$30,000.
i. Accepted return of 7 automobile tires from dissatisfied customers.

Assume that inventory levels at the beginning of March (before these transactions) were 100 automobile tires that cost HK$40 each and 70 truck tires that cost HK$80 each. Also, assume that a physical count of inventory at the end of March revealed that 184 automobile tires and 164 truck tires were on hand. Given these inventory amounts, prepare the closing entries to account for inventory and related accounts as of the end of March. If an amount box does not require an entry, leave it blank.

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