Can someone help me with this. Financial Accounting Tools for Business Decision Making, 6th Edition. Kimmel, weygandt, Kieso. Comprehensive case: Chapters 3-5, on pages 282-283.

Heritage Furniture Limited reports the following information for the 11 months of the year in its February 28, 2015, trial balance:

HERITAGE FURNITURE LIMITED

Trial Balance

February 28, 2015.

	DEBIT	CREDIT
Cash	65,000
Accounts Receivable	350,000
Merchandise Invertory	2,750,000
Supplies	7,500
Prepaid rent	5,000
Equipment	145,000
Accumulated depreciation- equipmemt		$ 29,000
Accounts payable		1,550,000
Unearned Revenue		35,000
Bamk Loan Payable--non-current		450,000
Common shares		200,000
Retained earnings		550,000
Dividends	50,000
Sales		5,479,400
Sales returns and allowances	107,000
Sales discounts	65,000
Cost of goods sold	3,843,900
Advertising expense	75,000
Freight out	180,000
Office expense	26,000
Rent expense	55,000
Salaries expense	360,000
Travel expense	12,500
Utilities expense	20,000
Interest expense	27,000
Income tax expense	150,000
	$8,293,900	$8,293,900

Heritage Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system.

March 1 Received $125,000 on account from a major customer .

2 Paid a supplier an amount owing of $200,00, taking the full discount, terms 2/10, n/30.

5 Purchased merchandise from a supplier, $300,000, terms 2/10, n/30, FOB destination.

6 Recorded cash sales, $285,000.The cost of goods sold for these sales was $200,000.

7 Returned scratched merchandise to the supplier from March 5 purchase, $25,000.

8 The appropriate company paid freight for March 5 purchase, $7,500.

9 Sold $200,000 of merchandise on account, terms 2/10, n/30, FOB destination. The cost of goods sold was $140,000.

9 The appropriate company paid freight for the March 9 sale, $5,000.

12 Ordered custom merchandise for a local designer totalling $50,000. Received $12,500 as a deposit.

13 Accepted returned merchandise from the sale on March 9, $20,000. The cost of the goods returned to inventory was $14,000.

14 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7.

16 Paid salaries of $45,000.

19 Received payment of Merchandise sold on March 9, net of merchandise returns on March 13.

20 Recorded cash sales, $255,000. The cost of goods sold for these sales was $179,000.

27 Paid salaries of $50,000.

30 Paid rent, $5,000.

Adjustment and additional data:

1. Accrued $10,000 for utilities, $10,000 for salaries, and $9,000 for interest on the bank loan.

2. Recorded depreciation on equipment, which has an expected useful life of 10 years.

3. Recorded an additional $50,000 of income tax payable.

4. Common shares of $1,000 were issued during the year.

5. $45,000 of the bank loan is due to be repaid in the next year.

Instructions.

a). Prepare T accounts and enter the opening balances.

b). Record and post the March transactions on Heritage Furnitures books.

c). Prepare a trial balance as at March 31,2015.

d). Record and post adjusting entries for the year ended March 31, 2015, assuming adjusting entries are made annually.

e). Prepare an adjusted Trial balance as at March 31, 2015.

f). prepare a multiple- step income statement, statement of changes in equity, and statement of financial position for the year ended March 31, 2015.

g). Prepare and post closing entries.

h). Prepare a post- closing trial balance as at March 31, 2015.