Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 2 homework Help 3 The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 6.25

image text in transcribed
image text in transcribed
image text in transcribed
Chapter 2 homework Help 3 The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 6.25 points ook 1. Issued 34,000 shares of common stock in exchange for $340,000 in cash. 2. Purchased equipment at a cost of $44,000. $12,000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $140,000. The cost of the goods sold was $74,000. 5. Paid $5,400 in rent on the warehouse building for the month of March 6. Paid $6,400 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021 7. Paid $74,000 on account for the merchandise purchased in 3. 8. Collected $59.000 from customers on account. 9. Recorded depreciation expense of $1.400 for the month on the equipment int Post the above transactions to the below Taccounts. 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 Beg B Chapter 2 homework Saved 3 Cash Accounts receivable Beg. Bal. Beg. Bal. 6.25 points End. Bal. End. Bal. eBook Inventory Prepaid insurance Beg. Bal. Beg. Bal. Hint References End. Bal. End, Bal Equipment Accumulated depreciation Beg. Bal Beg Bal End. Bal. End. Bal. Accounts payable Notes payable Beg. Bal Beg Bal. End. Bal End. Bal I homework Saved Accounts payable Notes payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common stock ok Sales revenue Beg. Bal. Beg. Bal. + nt End. Bal. End. Bal. rences Cost of goods sold Rent expense Beg. Bal. Beg. Bal. End. Bal. End. Bal Depreciation expense Beg Bal. End. Bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Modern Auditing

Authors: William C. Boynton, Walter G. Kell

6th Edition

0471596876, 9780471596875

More Books

Students also viewed these Accounting questions