Three former college classmates have decided to pool a variety of work experiences by opening incorporated as University Wireless. store near campus to sell wireless equipment to students. The business has been Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease. YOU MUST FOLLOW THE INSTRUCTIONS BELOW. F YOU DO NOT, 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, by a the n the order that dey that ie the erder th ed is tnat Cash and are arec choose them ftrom the droP e nty Arst and the Inv Inventory entry first and the Cash entry 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 minus sign to indicate a decrease in the account. You do not need to use plus sign to indicate an increase. Finally, th 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. Pay careful attention to them! Transaction 8 is worth 4 points. The other transactions are worth 2 points each. Transaction On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $20,000 in exchange for shares of stock. A few stock totaling $15,000 that was deposited their friends also purchased The Wire account. Account Dollar amount: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Transaction 2 The company quickly acquired $41,000 in inventory, 30% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash. Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Transaction 3 A one-year store rental lease was signed on March 1 for $12,000 for the year, and rent for the first 4 months was paid transaction first and the complete adjusting entry on March 31 second.] advance. [Note: Record the complete entry for the March 1 Account: Dollar amount: Dollar amount: Account: Dollar amount: Account: Account: Dollar amount: Account: Dollar amount
