Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company, The Wire, and issued stock to interested investors. They plan on creating monthly financial statements. Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts for The Wire that are affected, whether they increase or decrease, and the amount of the increase or decrease.

Sales were $74,000. Cost of merchandise sold was 50% of sales. 75% of sales were on open account. [Note: Record the complete sales entry first, and the complete expense entry second.] Account: Cash Dollar amount: 18500 Account: Accounts Receivable Dollar amount: 55500 Account: Retained Earnings Dollar amount: 74000 Account: Inventory Dollar amount: 37000 Account: Retained Earnings Dollar amount: 37000 Account: Leave Blank Dollar amount: Foil1=Leave%20Blank