Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

can i please get help with this its due in 12 hours The following transactions occurred during March 2024 for the Right Corporation. The company

can i please get help with this its due in 12 hours
image text in transcribed
The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 34,000 shares of no-par common stock in exchange for $340,000 in cash. 2. Purchased equipment at a cost of $48,000. Cash of $12,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $140,000. The cost of the goods sold was $84,000 5. Paid $4,500 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, 2024. 7. Paid $84,000 on account for the inventory purchased in transaction 3. 8. Collected $63,000 from customers on account. 9. Recorded depreciation expense of $1,200 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started