The following transactions occurred during March 2021 for the Wainwright Corporation The company owns and operates a wholesale warehouse Issued 50,000 shares of common stock in exchange for $500,000 in cash Purchased equipment at a cost of $60,000 $20,000 cash was paid and a notes payable to the seller was signed for the balance owed Purchased inventory on account at a cost of $118,000 The company uses the perpetual inventory system Credit sales for the month totaled $220,000 The cost of the goods sold was $90,000 Paid $7,000 in rent on the warehouse building for the month of March Paid $8,000 to an insurance company for fire and liability insurance for a one year period beginning April 1, 2021 Paid $90,000 on account for the merchandise purchased in 3 Collected $75,000 from customers on account Recorded depreciation expense of $3,000 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 trial balance from the ending account balances

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The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 50,000 shares of common stock

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

Issued 50,000 shares of common stock in exchange for $500,000 in cash.
Purchased equipment at a cost of $60,000. $20,000 cash was paid and a notes payable to the seller was signed for the balance owed.
Purchased inventory on account at a cost of $118,000. The company uses the perpetual inventory system.
Credit sales for the month totaled $220,000. The cost of the goods sold was $90,000.
Paid $7,000 in rent on the warehouse building for the month of March.
Paid $8,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
Paid $90,000 on account for the merchandise purchased in 3.
Collected $75,000 from customers on account.
Recorded depreciation expense of $3,000 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 trial balance from the ending account balances.