Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company and issued stock to interested investors. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the COMPANY accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease. YOU MUST FOLLOW THE INSTRUCTIONS BELOW. IF YOU DON'T, YOU MAY KNOW THE CORRECT ENTRY BUT THE COMPUTER WILL NOT RECOGNIZE IT AND YOU WILL NOT RECEIVE CREDIT. After each transaction description, there are several "Account" submission boxes and corresponding "Amount" submission boxes. To indicate the accounts that you think are affected, choose them from the drop-down menu. But you MUST select them in the order that they are listed in the menu. FOR EXAMPLE, if you think that Cash and Inventory are affected by a particular transaction, you must record the Cash impact first and the Inventory impact second because that is the order that they are listed in the drop-down menu. If you record the Inventory impact first and the Cash impact second, even if they are the correct accounts and even if you have the correct dollar amounts, your answer will be considered wrong. When you record the dollar amounts, be sure to use a minus sign to indicate a decrease in the account. You don't need to use a plus sign to indicate an increase. There are always more "Account" and "Amount" submission boxes available than are necessary. When you have indicated all the accounts that are affected by the transaction, select "Leave Blank" from the drop-down menu for EACH of the remaining "Account" submission boxes (you can leave the "Amount" boxes blank). For transactions 3, 4, 5, and 8, you are given additional instructions. Read them carefully. You get 5 tries for each complete entry. The entries for transaction #8 is worth 4 points. The entries for each of the other transactions are worth 2 point.

Transaction 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. Rent for the first 4 months was paid in advance. [Note: Record the March 1 transaction first and the March 31 adjustment second.]

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Account: Dollar Amount

Account: Dollar Amount