Business
Business, 14.02.2020 02:26, brittanycrowdis

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 52,000 shares of common stock in exchange for $520,000 in cash. Purchased equipment at a cost of $84,000. $21,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $158,000. The company uses the perpetual inventory system. Credit sales for the month totaled $230,000. The cost of the goods sold was $138,000. Paid $7,000 in rent on the warehouse building for the month of March. Paid $7,450 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. Paid $138,000 on account for the merchandise purchased in 3. Collected $103,500 from customers on account. Recorded depreciation expense of $2,100 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.)

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The following transactions occurred during March 2021 for the Wainwright Corporation. The company ow...

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