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The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 56,000 shares of common stock
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
- Issued 56,000 shares of common stock in exchange for $560,000 in cash.
- Purchased equipment at a cost of $92,000. $23,000 cash was paid and a notes payable to the seller was signed for the balance owed.
- Purchased inventory on account at a cost of $170,000. The company uses the perpetual inventory system.
- Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000.
- Paid $7,500 in rent on the warehouse building for the month of March.
- Paid $7,750 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
- Paid $150,000 on account for the merchandise purchased in 3.
- Collected $112,500 from customers on account.
- Recorded depreciation expense of $2,300 for the month on the equipmen
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