Martinez Furniture Limited reports the following information for 11 months of the year in its February 28, 2021, trial balance. The companys year end is March 31.

MARTINEZ FURNITURE LIMITED Trial Balance February 28, 2021

Debit Credit

Cash $ 84,500

Accounts receivable 455,000

Inventory 3,575,000

Supplies 9,750

Prepaid rent 6,500

Equipment 188,500

Accumulated depreciationequipment $ 37,700

Accounts payable 2,015,000

Deferred revenue 45,500

Bank loan payable 585,000

Common shares 260,000

Retained earnings 715,650

Dividends declared 65,000

Sales 6,899,620

Cost of goods sold 4,997,070

Advertising expense 97,500

Freight out 234,000

Office expense 33,800

Rent expense 71,500

Salaries expense 468,000

Travel expense 16,250

Utilities expense 26,000

Interest expense 35,100

Income tax expense 195,000

$ 10,558,470 $ 10,558,470

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

Mar.	1		Received $ 162,500 on account from a major customer.
	2		Paid a supplier an amount owing of $ 260,000, taking the full discount, terms 2/10, n/30.
	5		Purchased merchandise from a supplier, $ 390,000, terms 2/10, n/30, FOB destination.
	6		Recorded cash sales, $ 370,500. The cost of goods sold for these sales was $ 260,000.
	7		Returned scratched merchandise to the supplier from the March 5 purchase, $ 32,500.
	8		The appropriate company paid freight for the March 5 purchase, $ 9,750.
	9		Sold $ 260,000 of merchandise on account, terms 2/10, n/30, FOB destination. The cost of goods sold was $ 182,000. Management estimated that sales returns will be 12% of sales.
	9		The appropriate company paid freight for the March 9 sale, $ 6,500.
	12		Ordered custom merchandise for a local designer totalling $ 65,000. Received $ 16,250 as a deposit.
	13		Accepted returned merchandise from the sale on March 9, $ 26,000. The cost of the goods returned to inventory was $ 18,200.
	14		Paid for the merchandise purchased on March 5, net of merchandise returns on March 7.
	16		Paid salaries of $ 58,500.
	20		Recorded cash sales, $ 331,500. The cost of goods sold for these sales was $ 232,700. No returns were anticipated related to these sales.
	27		Paid salaries of $ 65,000.
	29		Received payment of merchandise sold on March 9, net of merchandise returns on March 13.
	30		Paid rent, $ 6,500.

Set up T accounts, enter the opening balances, and post the transactions recorded in the above part.

Cash Mar. 1 Mar. 2 Mar. 6 Mar. 9 Mar. 6 Mar. 14 Mar. 12 Mar. 16 Mar. 20 Mar. 27 Mar. 29 Mar. 30 Mar. 31 Bal. Accounts Receivable Feb. 28 Bal. Mar. 1 Mar. 9 Mar. 13 Mar. 29 Mar. 31 Bal. Inventory Mar. 6 Mar. 5 Mar. 7 Mar. 13 Mar. 9 WHITE Mar. 20 .. Mar. 31 Bal. Estimated Inventory Returns Supplies Prepaid Rent Equipment Accumulated Depreciation-Equipment IN DE Accounts Payable | Refund Liability Deferred Revenue Bank Loan Payable Common Shares Retained Earnings Dividends Declared Sales DOOD ON! TIIT TOOK Cost of Goods Sold Advertising Expense Freight Out I. 1)! Interest Expense Office Expense Rent Expense ... DOO! Salaries Expense . Travel Expense Utilities Expense Income Tax Expense