Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I NEED THE REST OF THE T TABLE Marigold Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

I NEED THE REST OF THE T TABLE

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Marigold Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system. Mar. 1 Received $122,500 on account from a major customer. 2 Paid a supplier an amount owing of $196,000, taking the full discount, terms 2/10, n/30. 5 Purchased merchandise from a supplier, $294,000, terms 2/10, n/30, FOB destination. 6 Recorded cash sales, $279,300. The cost of goods sold for these sales was $196,000. 7 Returned scratched merchandise to the supplier from the March 5 purchase, $24,500. 8 The appropriate company paid freight for the March 5 purchase, $7,350. 9 Sold $196,000 of merchandise on account, terms 2/10, n/30, FOB destination. The cost of goods sold was $137,200. Management estimated that sales returns will be 12% of sales. 9 The appropriate company paid freight for the March 9 sale, $4,900. 12 Ordered custom merchandise for a local designer totalling $49,000. Received $12,250 as a deposit. 13 Accepted returned merchandise from the sale on March 9, $19,600. The cost of the goods returned to inventory was $13,720. 14 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. 16 Paid salaries of $44,100. 20 Recorded cash sales, $249,900. The cost of goods sold for these sales was $175,420. No returns were anticipated related to these sales. 27 Paid salaries of $49,000. 29 Received payment of merchandise sold on March 9, net of merchandise returns on March 13. 30 Paid rent, $4,900. Date Account Titles and Explanation Debit Credit March 1 Cash 122,500 Accounts Receivable 122,500 2 Accounts Payable 196.000 Inventory 3,920 Cash 192,080 5 Inventory 294,000 Accounts Payable 294,000 6 Cash 279,300 Sales 279,300 (To record sale) 6 Cost of Goods Sold 196.000 Inventory 196,000 (To record cost of merchandise sold) 7 Accounts Payable 24,500 Inventory 24,500 8 No Entry 0 No Entry 0 9 Accounts Receivable 196,000 Sales 172,480 Refund Liability 23,520 (To record credit sale) 9 Cost of Goods Sold 120,736 Inventory 137,200 Estimated Inventory Returns 16,464 (To record cost of merchandise) 9 Freight Out 4,900 Cash 4,900 (To record payment of freight on goods sold) 12 Cash 12,250 Deferred Revenue 12,250 13 Refund Liability 19,600 Accounts Receivable 19,600 (To record return of goods 14 Accounts Payable 269,500 Inventory 5,390 Cash 264,110 16 Salaries Expense 44,100 Cash 44,100 20 Cash 249,900 Sales 249,900 (To record sale) 20 Cost of Goods Sold 175,420 Inventory 175,420 (To record cost of merchandise sold) 27 Salaries Expense 49,000 Cash 49,000 29 Cash 176,400 Accounts Receivable 176,400 30 Rent Expense 4,900 Cash 4,900 Cash Feb. 28 Bal. 63700 Mar. 2 192080 Mar. 1 122500 Mar. 9 4900 Mar. 6 279300 Mar. 14 Mar. 12 12250 Mar. 16 44100 Mar. 20 249900 Mar. 27 4950 Mar. 29 176400 Mar. 30 344960 Mar. 31 Bal. 904050 Mar. 31 Bal. 904050 Accounts Receivable Feb. 28 Bal. 343000 Mar. 1 122500 Mar. 9 196000 Mar. 13 19600 Mar. 29 176400 Mar. 31 Bal. 539000 Mar. 31 Bal. 539000 Inventory Feb. 28 Bal. 2695000 Mar. 6 196000 Mar. 5 294000 Mar. 7 24500 Mar. 13 13720 Mar. 9 137200 Mar. 13 13720 Mar. 9 137200 Mar. 20 175420 Mar. 31 2469600 Mar. 31 Bal. 3002720 Mar. 31 Bal. 3002720 Estimated Inventory Returns Mar. 9 16464 Mar. 13 13720 Supplies V Prepaid Rent 53900 58800 4900 Equipment Accumulated Depreciation-Equipment Accounts Payable Mar. 2 196000 Feb. 28 Bal. 1519000 Mar. 7 24500 294000 Mar. 14 269500 Mar. 31 Bal. 1813000 Mar. 31 Bal. 1813000 Refund Liability Deferred Revenue TE Bank Loan Payable Common Shares Bank Loan Payable Common Shares Retained Earnings Dividends Declared Sales Mar. 31 5926452 Feb. 28 Bal. 5201252 Mar. 6 279300 Mar. 9 196000 Mar. 20 249900 MODAL 5024450 50916412 Cost of Goods Sold Feb. 28 Bal. 3767022 Mar. 13 13720 Mar. 6 196000 Mar. 31 4261922 Mar. 9 137200 Mar. 20 175420 Mar. 31 Bal. 4275642 Mar. 31 Bal. 4275642 Advertising Expense Freight Out Feb. 28 Bal. 176400 Mar. 9 4900 Mar. 31 181300 Mar. 31 Bal. 181300 Mar. 31 Bal. 181300 Interest Expense Office Expense Office Expense Rent Expense Feb. 28 Bal. 53900 Mar. 30 4900 Mar. 31 Bal. 58800 Salaries Expense 352800 Mar. 16 49100 Mar. 27 49000 Mar. 31 Bal. 445900 Mar. 31 Bal. 445900 Travel Expense Utilities Expense Utilities Expense Income Tax Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions