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1. Issued 32.000 shares of common stock in exchange for $320,000 in cash 2. Purchased equipment at a cost of $42,000. $11.000 cash was paid

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1. Issued 32.000 shares of common stock in exchange for $320,000 in cash 2. Purchased equipment at a cost of $42,000. $11.000 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 $82,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $130,000. The cost of the goods sold was $72,000. 5. Paid $5,200 in rent on the warehouse building for the month of March 6. Paid $6.200 to an insurance company for fire and liability insurance for a one year period beginning April 1, 2021. 7. Pald $72.000 on account for the merchandise purchased in 3. 8. Collected $57.000 from customers on account 9. Recorded depreciation expense of $1.200 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, Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. (Enter the number of the transaction in the column next to the amount) Cash Accounts receivable Beg Bal Bog Bal LC True Cash 0 Beg Bal Beg Bal 1 Accounts receivable 0 130,000 57,0008 4 320,000 57.000 8 11,000 2 5.2005 6.2006 72,0007 End Bal 282 600 End Bal 73,000 Prepaid insurance Inventory 0 82,000 720004 Beg Bal 3 Beg Bal 6,200 es End. Bal 10,000 End Bal 6,200 Equipment Accumulated depreciation Beg Bal Beg Bal 2 1,2009 1,200 11,000 31,000 2 End Bal 40,800 End. Bal 1,200 Accounts payable Beg Bal 0 Beg Bal Notes payable 0 31,0002 Accounts payable Beg Bal Beg Ball Notes payable 0 31,000 2 End Bal End. Bal 31,000 Common stock Sales revenue Beg Bal Beg Bal 0 320,000 130,000 4 End Bal 320,000 End. Bal 130,000 Cost of goods sold Rent expense Beg Bal 0 Beg Bal 72,000 5,2005 End Bal 72,000 End Bal $ 5,200 Depreciation expense Beg Bal 1,200 Prepare a trial balance from the ending account balances. Trial Balance Debits 282,600 73,000 Credits Account Title Cash Accounts receivable Common stock Equipment Notes payable Inventory 320,000 40,800 31,000 10,000 10,000 130,000 Sales revenue Cost of goods sold Prepaid insurance Insurance expense Depreciation expense Rent expense 72,000 1,550 4,650 1,200 5,200 Totals 491,000 491,000

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