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.

Transaction 2 The company quickly acquired $41,000 in inventory, 30% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.(Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 3 A one-year store rental lease was signed on March 1 for $1,200 per month, and rent for the first 3 months was paid in advance. [Note: Record the complete entry for the March 1 transaction first and the complete adjusting entry on March 31 second.](Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 4 The owners paid $4,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. [Note: Combine both transactions into one entry].](Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 5

Sales were $78,000. Cost of merchandise sold was 75% of sales. 25% of sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second](Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 6 Wages and salaries in March were $11,200, of which $8,000 was actually paid to employees.

(Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 7 Miscellaneous expenses were $1,400, all paid for with cash.

(Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 8 On March 1, fixtures and equipment were purchased for $6,000 with a downpayment of $2,000 and a $4,000 note, payable in one year. Interest of 6% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 12 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.]

(Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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Transaction 9 Cash dividends totaling $3,600 were paid to stockholders on March 31.

( Options for Account portion:Cash, Accounts Recievable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

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