Business, 10.09.2021 19:40 chevysilverado2377
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
a. Issued 46,000 shares of common stock in exchange for $460,000 in cash.
b. Purchased equipment at a cost of $72,000. $18,000 cash was paid and a notes payable to the seller was signed for the balance owed.
c. Purchased inventory on account at a cost of $140,000. The company uses the perpetual inventory system.
d. Credit sales for the month totaled $200,000. The cost of the goods sold was $120,000.
e. Paid $6,250 in rent on the warehouse building for the month of March.
f. Paid $7,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
g. Paid $120,000 on account for the merchandise purchased in 3.
h. Collected $90,000 from customers on account.
i. Recorded depreciation expense of $1,800 for the month on the equipment.
Required:
Analyze each transaction and show the effect of each on the accounting equation for a corporation.
Answers: 3
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The following transactions occurred during March 2021 for the Wainwright Corporation. The company ow...
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