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I mostly need help with the T-accounts, but if any of the numbers are wrong could you correct The following transactions occurred during March 2018
I mostly need help with the T-accounts, but if any of the numbers are wrong could you correct
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 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 note payable 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, 2018 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 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. 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. Bat. End. Bal. End. Bal. Inventory Prepaid Insurance Beg. Bal. Beg. Bal. End. Bal. End. Bal. Equipment Accumulated Depreciation Beg. Bal. Beg. Bal End. Bal. End. Bal. Accounts Payable Note Payable Beg. Bal. Beg. Bal. 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. End. Bal. End. Bal. Depreciation Expense Beg. Bal. Prepare a trial balance from the ending account balances. Credits 310,000 30,500 Trial Balance Account Title Debits Common stock Cash 273,300 Equipment 39,900 Allowance for uncollectible accounts Sales revenue 80,000 Accounts payable Sales revenue Accounts receivable 69,000 Prepaid insurance 6,100 Depreciation expense 1,100 Rent expense 5,100 9,000 125,000 Totals 474,500 474,500 Step by Step Solution
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