Pronghorn Furniture Limited reports the following information for 11 months of the year in its February...

   

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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. Cash Accounts receivable Inventory Supplies Prepaid rent Equipment PRONGHORN FURNITURE LIMITED Trial Balance February 28, 2021 Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings 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 Debit $70,200 378,000 2,970,000 8,100 5,400 156,600 54,000 4,151,412 81,000 194,400 28,080 59,400 388,800 13,500 21,600 29,160 162,000 $8,771,652 Credit $31,320 1,674,000 37,800 486,000 216,000 594,540 5,731,992 $8,771,652 Pronghorn Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system. Mar. 1 Received $135,000 on account from a major customer. 2 5 6 7 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, n/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, $21,600. 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 $193.320. No returns were anticipated related to these sales. 00 9 9 12 13 14 16 20 27 29 Paid a supplier an amount owing of $216,000, taking the full discount, terms 2/10, n/30. Purchased merchandise from a supplier, $324,000, terms 2/10, n/30, FOB destination. Recorded cash sales, $307,800. The cost of goods sold for these sales was $216,000. 30 Paid salaries of $54,000. Received payment of merchandise sold on March 9, net of merchandise returns on March 13. Paid rent, $5,400. Record the March transactions. 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. Cash Accounts receivable Inventory Supplies Prepaid rent Equipment PRONGHORN FURNITURE LIMITED Trial Balance February 28, 2021 Accumulated depreciation-equipment Accounts payable Deferred revenue Bank loan payable Common shares Retained earnings 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 Debit $70,200 378,000 2,970,000 8,100 5,400 156,600 54,000 4,151,412 81,000 194,400 28,080 59,400 388,800 13,500 21,600 29,160 162,000 $8,771,652 Credit $31,320 1,674,000 37,800 486,000 216,000 594,540 5,731,992 $8,771,652 Pronghorn Furniture incurred the following transactions for the month of March. The company uses a perpetual inventory system. Mar. 1 Received $135,000 on account from a major customer. 2 5 6 7 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, n/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, $21,600. 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 $193.320. No returns were anticipated related to these sales. 00 9 9 12 13 14 16 20 27 29 Paid a supplier an amount owing of $216,000, taking the full discount, terms 2/10, n/30. Purchased merchandise from a supplier, $324,000, terms 2/10, n/30, FOB destination. Recorded cash sales, $307,800. The cost of goods sold for these sales was $216,000. 30 Paid salaries of $54,000. Received payment of merchandise sold on March 9, net of merchandise returns on March 13. Paid rent, $5,400. Record the March transactions.

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Journal entries in the books of Pronghorn furniture For the year ended March 312021 Date Particulars ... View the full answer