Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash 2 Purchased equipment at a cost of $54000 $17.000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $106.000 The company uses the perpetual inventory system 4. Credit sales for the month totaled $190,000. The cost of the goods sok was $84.000 5. Paid $6.400 in rent on the warehouse building for the month of March 6. Paid $7,400 to an insurance company for fire and liability insurance for a one year period beginning April 1. 2021 7 Paid $84,000 on account for the merchandise purchased in 3 8. Collected $69.000 from customers on account 9. Recorded depreciation expense of $2.400 for the month on the equipment Post the above transactions to the below accounts. Assume that the opening balances in each of the accounts is yoro. Prepare a trial balance from the ending account balances Post the above transactions to the below Taccounts. Assume that the opening balances in each of the accounts the number of the transaction in the column next to the amount.) Cash Accounts receivable Beg Bal. Beg Bal End Bal End. Bal Inventory Prepaid insurance Beg. Bal. Beg Bal End Bal End Bal Equipment Accumulated depreciation Beg Bal Beg Bal End Bal End Bal Accounts payable Notes payable Beg Bal. Beg Bali Accounts payable Notes payable Beg Bal Beg Bal Fnd Bal End Bal Common stock Sales revenue Beg. Bal. Beg Bal. End. Bal End. Bal. Cost of goods sold Rent expense Beg Bal. Beg. Bal End Bal Depreciation expense Beg Bal Prepare a trial balance from the ending account balances. Trial Balance Account Title Debits Credits Totals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started