3 Exercise 2-3 (Algo) T-accounts and trial balance (LO2-4] 20 points The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse eBook Hint Print 1. Issued 31,000 shares of common stock in exchange for $310,000 in cash. 2. Purchased equipment at a cost of $41,000. $10,500 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 $80,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $125,000. The cost of the goods sold was $71,000. 5. Paid $5,100 in rent on the warehouse building for the month of March. 6. Paid $6,100 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $71,000 on account for the merchandise purchased in 3. 8. Collected $56,000 from customers on account. 9. Recorded depreciation expense of $1,100 for the month on the equipment. References 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 the number of the transaction in the column next to the amount.) zero. (Enter 3 balance from the ending account balances. Complete this question by entering your answers in the tabs below. 20 points T Accounts Trial Balance eBook 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 amount.) Hint Print Cash Accounts receivable References Beg. Bal. Beg. Bal. End. Bal. End. Bal. Inventory Prepaid Insurance Beg. Bal. Beg. Bal. End. Bal. End. Bal. Equipment Accumulated depreciation VIRUN HY WIN 3 Equipment Accumulated depreciation Beg. Bal. Beg. Bal. 20 paints End. Bal. End. Bal. eBook Accounts payable Notes payable Hint Beg. Bal. Beg. Bal. Print References End, Bal. End, Bal. Common stock Sales revenue Beg. Bal. Beg. Bal. End. Bal. End. Bal. Cost of goods sold Rent expense Beg. Bal. Beg. Bal. VIRUN HY WIN m. End, Bal End, Bal. 20 paints Cost of goods sold Rent expense Beg. Bal. Beg. Bal. eBook Hint Print End. Bal End. Bal. References Depreciation expense Beg. Bal. End, Bal www CT Accounts Trial Balance > VIP BUY VIN 3 T Accounts Trial Balance Prepare trial balance from the ending account balances. 20 paints Trial Balance Debits Account Title Credits eBook Hint Print References Totals 0 0