Question 3 of 3 0.07/5 Pronghorn Furniture Limited reports the following information for 11 months of the year in its February 28, 2021. trial balance. The company's year end is March 31, Credit PRONGHORN FURNITURE LIMITED Trial Balance February 28, 2021 Debit Cash $70.200 Accounts receivable 378,000 Inventory 2.970,000 Supplies 8.100 Prepaid rent 5.400 Equipment 156,600 Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings 54.000 Dividends declared Sales Cost of goods sold 4.151.412 81.000 Advertising expense 194.400 Freight out 28.080 Office expense $31,320 1.674.000 37.800 486.000 216.000 594,540 5.731.992 888 E 30 Question 3 of 3 0.0775 UAMU Freight out Office expense Rent expense Salaries expense Travel expense Utilities expense Interest expense Income tax expense 194.400 28.080 59.400 388.800 13.500 21,600 29.160 162,000 $8.771.652 $8,771,652 Pronghorn Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system Ma 1 2 5 6 7 B Received $135,000 on account from a major customer Pald a supplier an amount owing of $216,000, taking the full discount, terms 2/10,6/30. Purchased merchandise from a supplier $324.000, terms 2/10, 1/30, FOB destination Recorded cash sales, $307,800. The cost of goods sold for these sales was $216.000 Returned scratched merchandise to the supplier from the March 5 purchase. $27.000 The appropriate company paid freight for the March 5 purchase. $8,100 Sold $216.000 of merchandise on account, terms 2/10, 1/30, FOB destination. The cost of goods sold was 5151 200. Management estimated that sales returns will be 12% of sales The appropriate company paid freight for the Marchsat, 55400 Ordered custom merchandise for a local designer tong $54.000.Received $13.500 as a depout. Accepted returned merchandise from the sale on March , $21.600 The cost of the goods returned to inventory was $15.120 9 9 12 13 SRS SO 1 & 7 8 9 % 6 Question 3 of 3 0.07/5 Pronghorn 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 9 12 Received $135,000 on account from a major customer. Paid a supplier an amount owing of $216,000, taking the full discount, terms 2/10, 1/30 Purchased merchandise from a supplier $324,000, terms 2/10, 1/30, FOB destination Recorded cash sales, $307 800. The cost of goods sold for these sales was $216,000 Returned scratched merchandise to the supplier from the March 5 purchase. 527.000 The appropriate company paid freight for the March 5 purchase. $8.100 Sold $216,000 of merchandise on account, terms 2/10, 1/30, FOB destination. The cost of goods sold was $151.200. Management estimated that sales returns will be 12% of sales. The appropriate company paid freight for the March 9 sale $5.400. Ordered custom merchandise for a local designer totalling $54,000. Received $13.500 as a deposit Accepted returned merchandise from the sale on March 9, $21.000. The cost of the goods returned to inventory was $15,120 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. Paid salaries of $48,600. Recorded cash sales. $275,400. The cost of goods sold for these sales was 5193,320. No returns were anticipated related to these sales. Paid salaries of $54,000. Received payment of merchandise sold on March 9, niet of merchandise returns on March 13 Paid rent $5.400 13 14 16 20 27 29 30 (a) 0 81 288 & 0 8 CO 19 Your answer is partially correct Record the March transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit March 1 Cash 135000 135000 Accounts Receivable 216000 2 Accounts Payable 216000 Cash 334000 324000 5 Inventory Accounts Payable 307800 6 Sales (To record sale) 6 (To record cost of merchandise sold) CA DO 87 : 30 73 C 9 A & 7 8 % $ 6 0.07/5 E (To record sale) 6 (To record cost of merchandise sold) 7 8 9 (To record credit sale) 9 (To record cost of merchandise) 9 MacBookAir $ 32 00 :8 C FE 0 SO 24 & 9 00 % 7 6 P 0.07/5 = (To record cost of merchandise) 9 (To record payment of freight on goods sold) 12 13 (To record return of goods) 13 (To record cost of merchandise returned) 14 MacBook Air od : SO 0 SO 9 & 7 8 % c . D - 14 16 20 (To record sale) 20 (To record cost of merchandise sold) 27 29 30 MacBook 35 CO Du 76 co C 9 0 888 SO & 8 7 G C (To record sale) 20 (To record cost of merchandise sold) 27 29 30 e Textbook and Media Attempts: 1 of 15 used List of Accounts Save for Later (b) $ MacBook Air . + 56 ) 0 . 76 9 90 & 7 00