The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
a. Issued 50,000 shares of common stock in exchange for $500,000 in cash.
b. Purchased equipment at a cost of $80,000. $20,000 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 $152,000.
d. The company uses the perpetual inventory system.
e. Credit sales for the month totaled $220,000. The cost of the goods sold was $132,000.
f. Paid $6,750 in rent on the warehouse building for the month of March.
h. Paid $7,300 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
h. Paid $132,000 on account for the merchandise purchased in c.
i. Collected $99,000 from customers on account.
j. Recorded depreciation expense of $2,000 for the month on the equipment.
Required:
Prepare journal entries to record each of the transactions listed above.
Answers: 1
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