Novak 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 Received $130,000 on account from a major customer. Paid a supplier an amount owing of $208,000, taking the full discount, terms 2/10,n/30. Purchased merchandise from a supplier, $312,000, terms 2/10, 1/30, FOB destination. Recorded cash sales, $296,400. The cost of goods sold for these sales was $208,000. Returned scratched merchandise to the supplier from the March 5 purchase, $26,000. The appropriate company paid freight for the March - purchase. 57,800. Sold $208,000 of merchandise on account, terms 2/10, 1/30, FOB destination. The cost of goods sold was $145,600. Management estimated that sales returns will be 12% of sales. The appropriate company paid freight for the March 9 sale. $5.200. Ordered custom merchandise for a local designer totalling $52,000. Received $13.000 as a deposit. Accepted returned merchandise from the sale on March 9,520,800. The cost of the goods returned to inventory was $14,560. Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. Paid salaries of $46,800 Activate Recorded cash sales, $265,200. The cost of goods sold for these sales was $186.160. No returns were anticipated related to these sales. 9 12 13 14 16 20 son 27 29 Paid salaries of $52,000. Received payment of merchandise sold on March 9, net of merchandise returns on March 13. Paid rent, $5,200. 30 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 > Advertising Expense Freight Out