Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared Sales Cost of goods sold Advertising expense Freight out Office expense Rent expense $27,840 1,488,000 33,600 432,000 192,000 528,480 48,000 5,095,104 72,000 172,800 24,960 52,800 Accounts Payable Accounts Payable Refund Liability Set up T accounts, enter the opening balances, and post the transactions recorded in the above part. (Post entries in the order of journal entries presented in the previous part.) Inventory Cost of Goods Sold Grouper Furniture Limited reports the following information for 11 months of the year in its February 28, trial balance. The company's year end is March 31. Retained Earnings Sales Freight Out Travel Expense Utilities Expense Income Tax Expense Grouper Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system. Mar. 1 Received $120,000 on account from a major customer. 2 Paid a supplier an amount owing of $192,000, taking the full discount, terms 2/10,n/30. 5 Purchased merchandise from a supplier, $288,000, terms 2/10,n/30,FOB destination. 6 Recorded cash sales, $273,600. The cost of goods sold for these sales was $192,000. No returns were anticipated related to this sale. Office Expense Salaries Expense Freight Out Office Expense Estimated Inventory Returns Adjustment and additional data: 1. Accrued $9,600 for utilities, $9,600 for salaries, and $8,640 for interest on the bank loan. 2. Recorded depreciation on equipment, which has an expected useful life of 10 years. 3. Recorded an additional $48,000 of income tax payable. 4. Common shares were issued during the year for $960. 5. $43,200 of the bank loan is due to be repaid in the next year. 7 Returned scratched merchandise to the supplier from the March 5 purchase, $24,000. 8 The appropriate company paid freight for the March 5 purchase, $7,200. 9 Sold $192,000 of merchandise on account, terms n/30, FOB destination. The cost of goods sold was $134,400. Management estimated that sales returns will be 12% of sales. 9 The appropriate company paid freight for the March 9 sale, $4,800. 12 Ordered custom merchandise for a local designer totalling $48,000. Received $12,000 as an advance payment. 13 Accepted returned merchandise from the sale on March 9, $19,200. The cost of the goods returned to inventory was $13,440. 14 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. 16 Paid salaries of $43,200. 20 Recorded cash sales, $244,800. The cost of goods sold for these sales was $171,840. No returns were anticipated related to these sales. 27 Paid salaries, $48,000. 29 Received payment of merchandise sold on March 9, net of merchandise returns on March 13. Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared Sales Cost of goods sold Advertising expense Freight out Office expense Rent expense $27,840 1,488,000 33,600 432,000 192,000 528,480 48,000 5,095,104 72,000 172,800 24,960 52,800 Accounts Payable Accounts Payable Refund Liability Set up T accounts, enter the opening balances, and post the transactions recorded in the above part. (Post entries in the order of journal entries presented in the previous part.) Inventory Cost of Goods Sold Grouper Furniture Limited reports the following information for 11 months of the year in its February 28, trial balance. The company's year end is March 31. Retained Earnings Sales Freight Out Travel Expense Utilities Expense Income Tax Expense Grouper Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system. Mar. 1 Received $120,000 on account from a major customer. 2 Paid a supplier an amount owing of $192,000, taking the full discount, terms 2/10,n/30. 5 Purchased merchandise from a supplier, $288,000, terms 2/10,n/30,FOB destination. 6 Recorded cash sales, $273,600. The cost of goods sold for these sales was $192,000. No returns were anticipated related to this sale. Office Expense Salaries Expense Freight Out Office Expense Estimated Inventory Returns Adjustment and additional data: 1. Accrued $9,600 for utilities, $9,600 for salaries, and $8,640 for interest on the bank loan. 2. Recorded depreciation on equipment, which has an expected useful life of 10 years. 3. Recorded an additional $48,000 of income tax payable. 4. Common shares were issued during the year for $960. 5. $43,200 of the bank loan is due to be repaid in the next year. 7 Returned scratched merchandise to the supplier from the March 5 purchase, $24,000. 8 The appropriate company paid freight for the March 5 purchase, $7,200. 9 Sold $192,000 of merchandise on account, terms n/30, FOB destination. The cost of goods sold was $134,400. Management estimated that sales returns will be 12% of sales. 9 The appropriate company paid freight for the March 9 sale, $4,800. 12 Ordered custom merchandise for a local designer totalling $48,000. Received $12,000 as an advance payment. 13 Accepted returned merchandise from the sale on March 9, $19,200. The cost of the goods returned to inventory was $13,440. 14 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. 16 Paid salaries of $43,200. 20 Recorded cash sales, $244,800. The cost of goods sold for these sales was $171,840. No returns were anticipated related to these sales. 27 Paid salaries, $48,000. 29 Received payment of merchandise sold on March 9, net of merchandise returns on March 13