View Policies Current Attempt in Progress Flint 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 FLINT FURNITURE LIMITED Trial Balance February 28, 2021 Debit Cash $59,800 Accounts receivable 322.000 Inventory 2,530,000 Supplies 6.900 Prepaid rent 4,600 Equipment 133,400 Accumulated depreciation equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings Dividends declared 46,000 Sales $26,680 1,426,000 32,200 414,000 184,000 506,460 4,882,808 46,000 4,882,808 Dividends declared Sales Cost of goods sold Advertising expense Freight out Office expense Rent expense Salaries expense Travel expense Utilities expense Interest expense Income tax expense 3,536,388 69,000 165,600 23,920 50,600 331,200 11,500 18,400 24,840 138,000 $7,472,148 $7,472,148 Flint Furniture incurred the following transactions for the month of March. The company uses a perpetual in Mar. 1 Received $115,000 on account from a major customer. Paid a supplier an amount owing of $184,000, taking the full discount, terms 2/10,n/30. N 5 6 7 ca 9 9 12 Purchased merchandise from a supplier, $276,000, terms 2/10,n/30, FOB destination. Recorded cash sales, $262.200. The cost of goods sold for these sales was $184.000. Returned scratched merchandise to the supplier from the March 5 purchase. $23,000. The appropriate company paid freight for the March 5 purchase, $6,900. Sold $184,000 of merchandise on account, terms 2/10.n/30, FOB destination. The cost of goods sold was $128,800. Management estimated that sales returns will be 12% of sales. The appropriate company paid freight for the March 9 sale, $4,600. Ordered custom merchandise for a local designer totalling $46,000. Received $11,500 as a deposit. Accepted returned merchandise from the sale on March 9, $18,400. The cost of the goods returned to inver was $12,880. Paid for the merchandise purchased on March 5, net of merchandise returns on March 7. Paid salaries of $41,400. Recorded cash sales, $234,600. The cost of goods sold for these sales was $164,680. No returns were anticipated related to these sales. Paid salaries of $46,000 Received payment of merchandise sold on March 9, net of merchandise returns on March 13. Paid rent, $4,600 13 14 16 20 27 29 30 (a) (a) 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 March 1 Account Titles and Explanation Debit Credit 2 5 6 (To record sale) Question 3 of 3
