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The following transactions occurred during March 2021 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 2021 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 $54,000. $17,000 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 $106,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $190,000. The cost of the goods sold was $84,000 5. Paid $6,400 in rent on the warehouse building for the month of March 6. Paid $7,400 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $84,000 on account for the merchandise purchased in 3. 8. Collected $69,000 from customers on account 9. Recorded depreciation expense of $2,400 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 tria balance from the ending account balances. Complete this question by entering your answers in the tabs below. Trial Balance T Accounts Trial Balance T Accounts Prepare a trial balance from the ending account balances. Trial Balance Debits Account Title Credits 0 Totals
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