Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.

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. IF YOU DON'T, YOU MAY KNOW THE CORRECT ENTRY BUT THE COMPUTER WILL NOT RECOGNIZE IT AND YOU WILL NOT RECEIVE CREDIT.

1. 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 in which 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 incorrect.
2. 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.
3. 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, you MUST select "Leave Blank" from the drop-down menu for EACH of the remaining "Account" submission boxes (you can leave the "Amount" boxes blank).
4. For transactions 3, 4, 5, and 8, you are given additional instructions. Read them carefully.
5. You get 5 tries for each transaction (7 tries for transaction #8).
6. The entries for each transaction are worth 2 points (4 points for transaction #8).

Transaction 1 On March 1, the three classmates opened a checking account for the company at a local bank. They each deposited $20,000 in exchange for shares of stock. A few of their friends also purchased stock totaling $12,000 that was deposited in the company account. Amount: 4 Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Amount: Prepaid Rent Dollar amount: Fixtures and Equipmem Account: Accounts Payable Dollar amount: Interest Payable Amount: Wages Payable Dollar amount: Notes Payable Submit Ans Paid-in Capital Retained Earnings Lea" 5'3"\" mm W Transaction 2 The company quickly acquired $36,000 in inventory, 70% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days. \\ Account: Dollar amount: Cash ACCOUIIt: Accounts Receivable Dollar amount: Inventory Account: Prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Payable Dollar amount: Interest Payable Account: Wages Payable Dollar amount: Notes Payable Paid-in Capital Retained Earnings Leave Blank Threade- Other Views gnggign 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. Rent for the rst 3 months was paid in advance. [Note: Record the March 1 transaction rst and the March 31 adjustment second.] Account: Account: Account: Account: Aocount: Submit Ans Cash Accounts Reoeiwble Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in capital Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Retained Earnings Threadea LEEVE Blank L Other Views My general prefere Rim\" Website advertising was purchased for $2,000. They were able to get a good deal betause one of the company's owners also owns stock in the website company. The company also paid $6,000 for some advertising in local newspapers. mote: Combine both transactions into one entry]. Account: Cash Accounts Receivable Inventory Prepaid Rant Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: other Views My general preferences on what marked as NEW Transaction 5 Sales were $78,000. Cost of merchandise sold was 50% of its sales price. 35% of the sales were for cash. [Note: Record the sales transaction rst and the expense transaction second] Account: Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Account: Prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Payable Dollar amount: Interest Payable Account: Wages Payable Dollar amount: Notes Payable Account: Paid-in Capital Dollar amount: Retained Earnings Submit Ans Leave Blank Transaction 6 Wages and salaries incurred in March amounted to $10,300, of which $5,500 was paid. Account: Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Account: Prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Payable Dollar amount: Interest Payable Account: Wages Payable Dollar amount: Notes Payable Submit Ans; Paid-in Capital Retained Earnings | Threadea Leave Blank E Other Views Canny-I- Transaction 7 Miscellaneous expenses paid for in cash were $1,600. Account: Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Account: Prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Payable Dollar amount: Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank _ Submit Ans Threade- Other Views Regly (Thu Apr 27 03:29:54 pm 2017 (EDT)) Transaction 8 On March 1, xtures and equipment were purchased for $5,500 with a downpayment of $1,500 plus a $4,000 note payable in one year. Interest of 5.5% per year is due when the note is repaid. The estimated life of the xtures and equipment is 10 years with no expected salvage value. Depreciation on the xtures and equipment is computed on a straight-line basis. [Nata Record the March 1 equipment purchase rst, then the March 31 depreciation adjusting entry, and nally the March 31 interest adjusting entry. Also, round all answers to the nearest cent.] Account: Dollar amount: Cash Account: Accounts Recelvable Dollar amount: Inventory Account: Prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Female Dollar amount: Interest Payable Account: Wages Payable Dollar amount: Notes Payable Account: Pald-ln Capital Dollar amount: Retained Earnings Account: Leave Blank Dollar amount: Account: Dollar amount: Transaction 9 Cash dividends totalling $3,600 were declared and paid to stockholders on March 31. r a Account: Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Account: Prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Payable Dollar amount: Interest Payable Account: Wages Payable Dollar amount: Notes Payable Submit Ansll Paid-in Capital Retained Earnings ThreadeJ Leave B'ank E Other Views Bunny-l- VIP-Ir Transaction 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. Account: Account: Account: Account: I Account: Submit Ans Th reade -. Dollar amount: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount: Dollar amount: Dollar amount: Dollar amount: Other Views .. . urking Elena Theresia Behrman Regly (Tue Apr re -4400 and then retained earnings to be -4400, t 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 3 months was paid in advance. [Note: Recor Account: I Dollar amount: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Threade- Other Views NEW leave blank option not working Elena Theresia Behrman Reply (Tue Apr 18 04:52:30 pm 2017 (EDT)) I calculated prepaid rent to be -4400 and then retained earnings to be -4400, then when i select leave blank for the remaining 3 boxes, it say problem as well.. NEW Re: leave blank option not working Jacquelyn Eileen Babcock Reply (Tue Apr 18 05:21:44 pm 2017 (EDT)) Transaction 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. Rent for the fi Account: a Dollar amount: Account: Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Account: prepaid Rent Dollar amount: Fixtures and Equipment Account: Accounts Payable Dollar amount: Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank m NFW leave! an nnhnn nni- working Flena Therecia Hahn-nan anlv (Tm: Anr 1R 04437-10 I w 7 Transaction 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. Rent for the Account: Account: Account: ' Account: Account: 9 Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount: Dollar amount: Dollar amount: Dollar amount: Dollar amount: Other Views -rking Elena Theresia Behrman Reply (Tue Apr 18 04:52:30 kn Ann Hut-I {Jana rnl-nhnnr-I nn-ninnr- I-n kn 1111\"\" thn lull-Inn I n: Transaction 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. Renl Account: _ a Dollar amount: Account: _ a Dollar amount: Account: a Dollar amount: Account: I Dollar amount: Cash Account: Accounts Receivable Dollar amount: Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Threade- Other Views - rking Elena Theresia Behrman Regly (Tue Apr 18 C -e -4400 and then retained earnings to be -4400, then l Transaction 3 A store was rented for $1,200 per month. A lease was signed for one year on March 1. l Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: I I Dollar amount: Cash Submit Ans Accounts Receivable - Inventory . Threade- Prepaid Rent Other Views Export Fixtures and Equipment . Accounts Payable . NEW le Interest Payable - rking Elena Theresia Behrman Regly (Tue Apr : Wages Payable I c Notes Payable -e -4400 and then retained earnings to be -4400, th pro Paid-in Capital Retained Earnings Leave Blank NEW not working Jacquelvn Eileen Babcock Repiv l 1- v Transaction 1 On March 1, the three classmates opened a checking account for the company at a local account. Account: _ Cash Dollar amount: 32000 Account: _ Paid-in Capital Dollar amount: 32000 Account: _ Leave Blank Dollar amount: Foil3=Leave%20Blank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank _ Submit Answer _ - Tries 1/5 Previous Tries 1- v Transaction 1 On March 1, the three classmates opened a checking account for the company at a local account. Account: _ Cash Dollar amount: 32000 Account: _ Paid-in Capital Dollar amount: 32000 Account: _ Leave Blank Dollar amount: Foil3=Leave%20Blank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank _ Submit Answer _ - Tries 1/5 Previous Tries Transaction1 Account: Account: Account: Account: Account: Cash Paid in Capital Leave Blank Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: 72000 72000 Transaction2 Account: Account: Account: Account: Account: Cash Inventory Accounts Payable Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -25200 36000 10800 Transaction3 Account: Account: Account: Account: Account: Cash Prepaid Rent Prepaid Rent Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -3600 3600 -1200 -1200 Transaction4 Account: Account: Account: Account: Account: Cash Retained Earnings Leave Blank Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -8000 -8000 Transaction5 Account: Account: Account: Account: Account: Account: Cash Account Receivable Retained Earnings Inventory Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: 27300 50700 78000 -39000 -39000 Transaction6 Account: Account: Account: Account: Account: Cash Wages Payable Retained Earnings Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -5500 4800 -10300 Transaction7 Account: Account: Account: Cash Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: -1600 -1600 Account: Leave Blank Dollar Amount: Transaction8 Account: Account: Account: Account: Account: Account: Account: Account: Cash Fixture and Equipment Notes Payable Fixture and Equipment Retained Earnings Interest Payable Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -1500 5500 4000 -45.83 -45.83 18.33 -18.33 Transaction9 Account: Account: Account: Account: Account: Cash Retained Earnings Leave Blank Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -3600 -3600 1- v Transaction 1 On March 1, the three classmates opened a checking account for the company at a local account. Account: _ Cash Dollar amount: 32000 Account: _ Paid-in Capital Dollar amount: 32000 Account: _ Leave Blank Dollar amount: Foil3=Leave%20Blank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank _ Submit Answer _ - Tries 1/5 Previous Tries 1- v Transaction 1 On March 1, the three classmates opened a checking account for the company at a local account. Account: _ Cash Dollar amount: 32000 Account: _ Paid-in Capital Dollar amount: 32000 Account: _ Leave Blank Dollar amount: Foil3=Leave%20Blank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank Account: _ Leave Blank Dollar amount: Foil1=Leave%ZOBlank _ Submit Answer _ - Tries 1/5 Previous Tries Transaction1 Account: Account: Account: Account: Account: Cash Paid in Capital Leave Blank Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: 72000 72000 Transaction2 Account: Account: Account: Account: Account: Cash Inventory Accounts Payable Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -25200 36000 10800 Transaction3 Account: Account: Account: Account: Account: Cash Prepaid Rent Prepaid Rent Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -3600 3600 -1200 -1200 Transaction4 Account: Account: Account: Account: Account: Cash Retained Earnings Leave Blank Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -8000 -8000 Transaction5 Account: Account: Account: Account: Account: Account: Cash Account Receivable Retained Earnings Inventory Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: 27300 50700 78000 -39000 -39000 Transaction6 Account: Account: Account: Account: Account: Cash Wages Payable Retained Earnings Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -5500 4800 -10300 Transaction7 Account: Account: Account: Cash Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: -1600 -1600 Account: Leave Blank Dollar Amount: Transaction8 Account: Account: Account: Account: Account: Account: Account: Account: Cash Fixture and Equipment Notes Payable Fixture and Equipment Retained Earnings Interest Payable Retained Earnings Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -1500 5500 4000 -45.83 -45.83 18.33 -18.33 Transaction9 Account: Account: Account: Account: Account: Cash Retained Earnings Leave Blank Leave Blank Leave Blank Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: Dollar Amount: -3600 -3600