Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4567 8 9 10 10 > Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit Record entry Clear entry View general journal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. Note: Enter debits before credits. Transaction 02 General Journal Debit Credit Record entry Clear entry View general iournal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 7 Record entry Clear entry View general iournal. Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 5678 9 10 Credit sales for the month totaled $90,000. Note: Enter debits before credits. Transaction 4a General Journal Debit Credit Record entry Clear entry View general iournal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > The cost of the goods sold was 54,000. Note: Enter debits before credits. Transaction 4b General Journal Debit Credit Record entry Clear entry View general iournal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Paid $3,500 in rent on the warehouse building for the month of March. Note: Enter debits before credits. Transaction 05 General Journal Debit Credit Record entry Clear entry View general iournal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Paid $5,500 to an insurance company for fire and liability insurance for a one- year period beginning April 1, 2024. Note: Enter debits before credits. Transaction 06 General Journal Debit Credit Record entry Clear entry View general iournal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Paid $54,000 on account for the inventory purchased in transaction 3. Note: Enter debits before credits. Transaction 07 General Journal Debit Credit Record entry Clear entry View general iournal Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Collected $40,500 from customers on account. Note: Enter debits before credits. Transaction 08 General Journal Debit Credit Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 24,000 shares of no-par common stock in exchange for $240,000 in cash. 2. Purchased equipment at a cost of $28,000. Cash of $7,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $74,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $90,000. The cost of the goods sold was $54,000. 5. Paid $3,500 in rent on the warehouse building for the month of March. 6. Paid $5,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $54,000 on account for the inventory purchased in transaction 3. 8. Collected $40,500 from customers on account. 9. Recorded depreciation expense of $700 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. View transaction list Journal entry worksheet 1 2 3 456789 Recorded depreciation expense of $700 for the month on the equipment. Note: Enter debits before credits. Transaction 09 10 10 General Journal Debit Credit Record entry. Clear entry View general iournal