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 ON 9 12 Received $130,000 on account from a major customer. Paid a supplier an amount owing of $200,000, taking the full discount, terms 2/10,1/30 Purchased merchandise from a supplier, $312,000, terms 2/10, 1/30, FOB destinatior Recorded cash sales. $296,400. The cost of goods sold for these sales was $200.000, Returned scratched merchandise to the supplier from the March 5 purchase. $26.000. The appropriate company paid freight for the March 5 purchase, $7,800, 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, 55.200. 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. $20,800. 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 Recorded cash sales, 5265.200. The cost of goods sold for these sales was 5186,160. No returns were anticipated related to these sales. Activate We Paid salaries of $52.000 Received payment of merchandise sold on March 9.net of merchandise returns on March 13, 13 14 16 20 27 29 INCLOIVEU pay UI Terus Snarchy net on merchandisere Paid rent, $5.200. 30 1 Type here to search o 9 Set up Taccounts, 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 Refund Liability Deferred Revenue Bank Loan Payable Common Shares Retained Earnings Dividends Declared Sales Cost of Goods Sold Income Tax Expense 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 ON 9 12 Received $130,000 on account from a major customer. Paid a supplier an amount owing of $200,000, taking the full discount, terms 2/10,1/30 Purchased merchandise from a supplier, $312,000, terms 2/10, 1/30, FOB destinatior Recorded cash sales. $296,400. The cost of goods sold for these sales was $200.000, Returned scratched merchandise to the supplier from the March 5 purchase. $26.000. The appropriate company paid freight for the March 5 purchase, $7,800, 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, 55.200. 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. $20,800. 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 Recorded cash sales, 5265.200. The cost of goods sold for these sales was 5186,160. No returns were anticipated related to these sales. Activate We Paid salaries of $52.000 Received payment of merchandise sold on March 9.net of merchandise returns on March 13, 13 14 16 20 27 29 INCLOIVEU pay UI Terus Snarchy net on merchandisere Paid rent, $5.200. 30 1 Type here to search o 9 Set up Taccounts, 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 Refund Liability Deferred Revenue Bank Loan Payable Common Shares Retained Earnings Dividends Declared Sales Cost of Goods Sold Income Tax Expense
