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please help me with this The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1.
please help me with this
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30.000 shares of common stock in exchange for $300,000 in cash 2. Purchased equipment at a cost of $40,000.$10.000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. 5. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fre and liability insurance for a one-year period beginning Apri 1, 2021. 7. Paid $70,000 on account for the merchandise purchased in 3 . 8. Collected $55.000 from customers on account. 9. Recorded depreclation expense of $1,000 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. Complete this question by entering your answers in the tobs below. Post the above transactions to the below Traccounts. Assume that the opening balances in each of the accounts is zere. (Enter the number of the transaction in the colvmn next to the amount.) Step by Step Solution
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