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The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 44,000 shares of common

The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 44,000 shares of common stock in exchange for $440,000 in cash.
2.

Purchased equipment at a cost of $68,000. $17,000 cash was paid and a note payable was signed for the balance owed.

3.

Purchased inventory on account at a cost of $134,000. The company uses the perpetual inventory system.

4. Credit sales for the month totaled $190,000. The cost of the goods sold was $114,000.
5. Paid $6,000 in rent on the warehouse building for the month of March.
6.

Paid $6,850 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016.

7. Paid $114,000 on account for the merchandise purchased in 3.
8. Collected $85,500 from customers on account.
9.

Recorded depreciation expense of $1,700 for the month on the equipment.

(I have figured out 1-3, but can't figure out the rest)

Assets = Liabilities + Paid-In Capital + Retained Earnings
1. 440,000 440,000
2. 51,000 51,000
3. 134,000 134,000
4.
5.
6.
7.
8.
9.

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