On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $24,000 in exchange for shares of stock. A few o totaling $13,000 that was deposited in The Wire account. Accoun: Account: Account: Dollar amount: Dollar amount: Dollar amount: The company quickly acquired $44,000 in inventory, 60% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash. Account: Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount Dollar amount: Dollar amount: Tries o/5 Submit Answer Transaction3 A one-year store rental lease was signed on March 1 for $1,100 per month, and rent for the first 4 months was paid in advance. [Note: Record the complete entry for the March 1 transaction first and the complete adjusting entry on March 31 second.] Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Account: Account: Account: Account: Account: Tries 0/5 Submit Answer On March 1, fixtures and equipment were purchased for $5,500 with a downpayment of $1,500 and a $4,000 note, payable in one year. Interest of 5% per year was due when the note was repaid The estimated life of the fixtures and equipment is 9 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round al answers to the nearest cent.] Account: Account: Account: Account: Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Tries 0/8 Submit Answer Miscellaneous expenses were $1,500, all paid for with cash. Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Tries o/s Submit Answer Sales were $66,000. Cost of merchandise sold was 60% of its sales price, 65% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Account: Account Account Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Tries 0/5 Submit Answer The owners paid $4,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,500 for some advertising in local newspapers. [Note: Combine both transactions into one entry] Account: Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Tries 0/s Submit