Question: can i please get help with this its due in 12 hours The following transactions occurred during March 2024 for the Right Corporation. The company
The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 34,000 shares of no-par common stock in exchange for $340,000 in cash. 2. Purchased equipment at a cost of $48,000. Cash of $12,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $140,000. The cost of the goods sold was $84,000 5. Paid $4,500 in rent on the warehouse building for the month of March. 6. Paid $6,100 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $84,000 on account for the inventory purchased in transaction 3. 8. Collected $63,000 from customers on account. 9. Recorded depreciation expense of $1,200 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
