The following transactions occurred during march 2018 for the wainwright corporation. the company owns and operates a wholesale warehouse. issued 30,000 shares of common stock in exchange for $300,000 in cash. purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. purchased inventory on account at a cost of $90,000. the company uses the perpetual inventory system. credit sales for the month totaled $120,000. the cost of the goods sold was $70,000.paid $5,000 in rent on the warehouse building for the month of march. paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning april 1, 2018.paid $70,000 on account for the merchandise purchased in 3.collected $55,000 from customers on account. recorded depreciation expense of $1,000 for the month on the equipment. prepare journal entries to record each of the transactions listed above. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 471 locations across the u. s. as well as in canada, mexico and puerto rico. as of its fiscal year-end 2005, costco had approximately 21.2 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions). selected balance sheet data 2005 2004 merchandise inventories $4,015 $3,644 deferred membership income (liability) 501 454 (a) during fiscal 2005, costco collected $1,120 cash for membership fees. use the financial statement effectstemplate to record the cash collected for membership fees. (b) in 2005, costco recorded $46,347 million in merchandise costs (that is, cost of goods sold). record thistransaction in the financial statement effects template. (c) determine the value of merchandise that costco purchased during fiscal-year 2005. use the financial statementeffects template to record these merchandise purchases. assume all of costco's purchases are on credit.