Bramble Furniture Limited reports the following information for 11 months of the year in its February 28, 2021, trial balance. The company's year end is March 31. BRAMBLE FURNITURE LIMITED Trial Balance February 28, 2021 Debit Credit Cash $54,600 294,000 2,310,000 6,300 4.200 121,800 Accounts receivable Inventory Supplies Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings $24,360 1.302.000 29.400 378,000 168,000 462,420 Dividends declared 42.000 Sales 4,458 216 121,800 $24,360 1.302,000 29.400 378,000 168,000 462.420 42,000 Equipment 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 Salaries expense Travel expense 4.458,216 3.228,876 63.000 151,200 21.840 46.200 302.400 10.500 16.800 Utilities expense 22.680 Interest expense 126,000 Income tax expense $6.822.396 S.822396 Bramble Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system Mar 1 2 5 6 7 8 9 9 Received $105,000 on account from a major customer. Paid a supplier an amount owing of $168,000, taking the full discount, terms 2/10, 1/30. Purchased merchandise from a supplier $252,000, terms 2/10, 1/30, FOB destination Recorded cash sales, $239,400. The cost of goods sold for these sales was $168,000 Returned scratched merchandise to the supplier from the March 5 purchase, $21,000. The appropriate company paid freight for the March 5 purchase. $6,300. Sold $168,000 of merchandise on account, terms 2/10, 1/30, FOB destination. The cost of goods sold was $117,600. Management estimated that sales returns will be 12% of sales, The appropriate company paid freight for the March 9 sale, $4,200. Ordered custom merchandise for a local designer totalling $42.000, Received $10,500 as a deposit. Accepted returned merchandise from the sale on March 9.516,800. The cost of the goods returned to inventory was $11,760 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7 Paid salaries of $37,800 Recorded cash sales $214,200. The cost of goods sold for these sales was $150,360. No returns were anticipated related to these sales Paid salaries of $42.000 Received payment of merchandise sold on March 9.net of merchandise returns on March 13. 12 13 14 16 20 27 29 30 Paid rent. $4,200 (b) 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.) Cash C > Accounts Receivable
