Question: I know that you guys are only allowed to answer one question but all 10 parts of this relate to the one question if you
The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 60,000 shares of non-par common stock in exchange for $600,000 in cash 2 Purchased equipment at a cost of $100,000 $25,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $182,000. The company uses the perpetual inventory system. 4 Credit sales for the month totaled $270,000. The cost of the goods sold was 5162,000 5. Paid $8,000 in rent on the warehouse building for the month of March 6. Paid $8.050 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018 7. Pald $162,000 on account for the merchandise purchased in 3 8. Collected $121,500 from customers on account 9. Recorded depreciation expense of $2,500 for the month on the equipment 5112 Prepare Journal entries to record each of the transactions fisted above. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list Journal entry worksheet 2 3 5 6 7 8 9 10 Issued 60,000 shares of common stock in exchange for $600,000 in cash. Noter Enter debits before credits General Journal Dobit Credit Transaction 01 Record entry Clear entry View general journal
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
