Question

In: Accounting

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

  1. Issued 48,000 shares of common stock in exchange for $480,000 in cash.
  2. Purchased equipment at a cost of $58,000. $19,000 cash was paid and a notes payable to the seller was signed for the balance owed.
  3. Purchased inventory on account at a cost of $114,000. The company uses the perpetual inventory system.
  4. Credit sales for the month totaled $210,000. The cost of the goods sold was $88,000.
  5. Paid $6,800 in rent on the warehouse building for the month of March.
  6. Paid $7,800 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
  7. Paid $88,000 on account for the merchandise purchased in 3.
  8. Collected $73,000 from customers on account.
  9. Recorded depreciation expense of $2,800 for the month on the equipment.


Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances

Solutions

Expert Solution

Please support me by your valuable positive feedback.


Related Solutions

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 50,000 shares of common stock in exchange for $500,000 in cash. Purchased equipment at a cost of $80,000. $20,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $152,000. The company uses the perpetual inventory system. Credit sales for the month totaled $220,000. The cost...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 37,000 shares of common stock in exchange for $370,000 in cash. Purchased equipment at a cost of $47,000. $13,500 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $92,000. The company uses the perpetual inventory system. Credit sales for the month totaled $155,000. The cost...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 37,000 shares of common stock in exchange for $370,000 in cash. Purchased equipment at a cost of $47,000. $13,500 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $92,000. The company uses the perpetual inventory system. Credit sales for the month totaled $155,000. The cost...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 30,000 shares of common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Credit sales for the month totaled $120,000. The cost...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 48,000 shares of non-par common stock in exchange for $480,000 in cash. Purchased equipment at a cost of $76,000. $19,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $146,000. The company uses the perpetual inventory system. Credit sales for the month totaled $210,000. The...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 34,000 shares of common stock in exchange for $340,000 in cash. Purchased equipment at a cost of $44,000. $12,000 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. Credit sales for the month totaled $140,000. The cost of the goods...
The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash. 2. Purchased equipment at a cost of $54,000. $17,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $106,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $190,000. The...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 40,000 shares of common stock in exchange for $400,000 in cash. 2. Purchased equipment at a cost of $60,000. $15,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $122,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $170,000. The...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 31,000 shares of common stock in exchange for $310,000 in cash. Purchased equipment at a cost of $41,000. $10,500 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $80,000. The company uses the perpetual inventory system. Credit sales for the month totaled $125,000. The cost of the goods...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 50,000 shares of capital stock in exchange for $500,000 in cash. 2.Purchased equipment at a cost of $80,000. $30,000 cash was paid and a note payable was signed for the balance owed. 3.Purchased inventory on account at a cost of $130,000. The company uses the perpetual inventory system. 4.Credit sales for the month totaled $140,000. The cost of the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT