Set up T accounts, enter the opening balances, and post the transactions recorded in the above part 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 Marigold 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 MARIGOLD FURNITURE LIMITED Trial Balance February 28, 2021 Debit Cash $63 700 Accounts receivable 343,000 Inventory 2 695 000 Supplies 7,350 Prepaid rent 4,900 Equipment 142,100 Accumulated depreciation equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared 49,000 Sales Cost of goods sold 3 767,022 Advertising expense 73,500 Freight out 176,400 Office expense 25 480 Rent expense 53,900 Salaries expense 352 800 Travel expense 12 250 Utilities expense 19,600 Interest expense 26,460 Income tax expense 147 000 $7 959,462 $28,420 1 519,000 34,300 441 000 196,000 539 490 5 201 252 $7 959,462

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Set up T accounts, enter the opening balances, and post the transactions recorded in the above part. Marigold Furniture incurred the following transactions for the

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

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.

Marigold 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 MARIGOLD FURNITURE LIMITED Trial Balance February 28, 2021 Debit Cash $63.700 Accounts receivable 343,000 Inventory 2.695.000 Supplies 7,350 Prepaid rent 4,900 Equipment 142,100 Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared 49,000 Sales Cost of goods sold 3.767,022 Advertising expense 73,500 Freight out 176,400 Office expense 25.480 Rent expense 53,900 Salaries expense 352.800 Travel expense 12.250 Utilities expense 19,600 Interest expense 26,460 Income tax expense 147.000 $7.959,462 $28,420 1.519,000 34,300 441.000 196,000 539.490 5.201.252 $7.959,462