Question
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)
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