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The following transactions occurred during March 2013 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. |
| 1. | Issued 34,000 shares of common stock in exchange for $340,000 in cash. |
| 2. |
Purchased equipment at a cost of $44,000. $12,000 cash was paid and a note payable was signed for the balance owed. |
| 3. |
Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system. |
| 4. | Credit sales for the month totaled $140,000. The cost of the goods sold was $74,000. |
| 5. | Paid $5,400 in rent on the warehouse building for the month of March. |
| 6. |
Paid $6,400 to an insurance company for fire and liability insurance for a one year period beginning April 1, 2013. |
| 7. | Paid $74,000 on account for the merchandise purchased in 3. |
| 8. | Collected $59,000 from customers on account. |
| 9. | Recorded depreciation expense of $1,400 for the month on the equipment. |
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Post the above transactions to below T accounts. Assume that the opening balances in each of the accounts is zero. |