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

Grouper Furniture Limited reports the following information for 11 months of the year in its February 28, trial balance. The company's year end is March 31. Grouper Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system. Mar. 1 Received $120,000 on account from a major customer. 2 Paid a supplier an amount owing of $192,000, taking the full discount, terms 2/10,n/30. 5 Purchased merchandise from a supplier, $288,000, terms 2/10,n/30, FOB destination. 6 Recorded cash sales, $273,600. The cost of goods sold for these sales was $192,000. No returns were anticipated related to this sale. 7 Returned scratched merchandise to the supplier from the March 5 purchase, $24,000. 8 The appropriate company paid freight for the March 5 purchase, $7,200. Sold $192,000 of merchandise on account, terms n/30, FOB destination. The cost of goods sold was $134,400. 9 Sold $192,000 of merchandise on account, terms n/30, FOB destination. The cost of goods sold was $134,400. Management estimated that sales returns will be 12% of sales. 9 The appropriate company paid freight for the March 9 sale, $4,800. 12 Ordered custom merchandise for a local designer totalling $48,000. Received $12,000 as an advance payment. 13 Accepted returned merchandise from the sale on March 9, \$19,200. The cost of the goods returned to inventory was $13,440. 14 Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. 16 Paid salaries of $43,200. 20 Recorded cash sales, $244,800. The cost of goods sold for these sales was $171,840. No returns were anticipated related to these sales. 27 Paid salaries, $48,000. 29 Received payment of merchandise sold on March 9, net of merchandise returns on March 13. 30 Paid rent, $4,800. \begin{tabular}{lrr} Bank loan payable & & 432,000 \\ Common shares & & 192,000 \\ Retained earnings & & 528,480 \\ Dividends declared & 48,000 & \\ Sales & & 5,095,104 \\ Cost of goods sold & 3,690,144 & \\ Advertising expense & 72,000 & \\ Freight out & 172,800 & \\ Office expense & 24,960 & \\ Rent expense & 52,800 & \\ Salaries expense & 345,600 & \\ Travel expense & 12,000 & \\ Utilities expense & 19,200 & \\ \hline \end{tabular} Adjustment and additional data: 1. Accrued $9,600 for utilities, $9,600 for salaries, and $8,640 for interest on the bank loan. 2. Recorded depreciation on equipment, which has an expected useful life of 10 years. 3. Recorded an additional $48,000 of income tax payable. 4. Common shares were issued during the year for $960. 5. $43,200 of the bank loan is due to be repaid in the next year