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The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a warehouse. wholesale 1. Issued 36,000 shares of common
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a warehouse. wholesale 1. Issued 36,000 shares of common stock in exchange for $360,000 in cash. 2 Purchased equipment at a cost of $52,000. $13,000 cash was paid and a note payable was signed for the balance owed 3 Purchased inventory on account at a cost of $11o,000. The company uses the perpetual inventory system 4 Credit sales for the month totaled $150,000. The cost of the goods sold was $90,000. 5. Paid $4,750 in rent on the warehouse building for the month of March 6. Paid $6,250 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018 7. Paid $90,000 on account for the merchandise purchased in 3 8. Collected $67,500 from c 9. Recorded depreciation expense of $1,300 for the month on the equipment on account Required Analyze each transaction and show the effect the ac be indicated by a minus sign. Enter the net change on the ac of each on the accounting equation for a corporation. (Amounts to be deducted should counting equation
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