Journal entries
No | Account and explanation | Debit | Credit |
1 | Cash | 280000 | |
Common Stock | 280000 | ||
(To record issue common stock) | |||
2 | Equipment | 36000 | |
Cash | 9000 | ||
Notes payable | 27000 | ||
(To record equipment purchase) | |||
3 | Inventory | 86000 | |
Account payable | 86000 | ||
(To record purchase inventory) | |||
4 | Account receivable | 110000 | |
Sales revenue | 110000 | ||
(To record sales) | |||
Cost of goods sold | 66000 | ||
Inventory | 66000 | ||
(To record cost of goods sold) | |||
5 | Rent expense | 4000 | |
Cash | 4000 | ||
(To record rent paid) | |||
6 | Prepaid rent | 5800 | |
Cash | 5800 | ||
(To record prepaid rent) | |||
7 | Account payable | 66000 | |
Cash | 66000 | ||
(To record amount paid) | |||
8 | Cash | 49500 | |
Account receivable | 49500 | ||
(To record collection) | |||
9 | Depreciation expense | 900 | |
Accumulated depreciation-equipment | 900 | ||
(To record Dep) |
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 30,000 shares of no-par 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 to the seller 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...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 50,000 shares of common stock in exchange for $500,000 in cash. Purchased equipment at a cost of $60,000. $20,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $118,000. The company uses the perpetual inventory system. Credit sales for the month totaled $220,000. The cost...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 50,000 shares of non-par common stock in exchange for $500,000 in cash. 2. 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. 3. Purchased inventory on account at a cost of $152,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 38,000 shares of non-par common stock in exchange for $380,000 in cash. 2. Purchased equipment at a cost of $56,000. $14,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 41,000 shares of common stock in exchange for $410,000 in cash. 2. Purchased equipment at a cost of $62,000. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $112,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 44,000 shares of common stock in exchange for $440,000 in cash. Purchased equipment at a cost of $54,000. $17,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $106,000. The company uses the perpetual inventory system. Credit sales for the month totaled $190,000. The cost...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 38,000 shares of common stock in exchange for $380,000 in cash 2. Purchased equipment at a cost of $56,000. $14,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased Inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash, 2. Purchased equipment at a cost of $68,000 $17,000 cash was paid and a notes payable to the seller was signed for the balance owed 3. Purchased inventory on account at a cost of $134,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 42,000 shares of common stock in exchange for $420,000 in cash. 2. Purchased equipment at a cost of $64,000. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $128,000. The company uses the perpetual inventory system. 4. Credit sales for the month...
The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 41,000 shares of common stock in exchange for $410,000 in cash. 2. Purchased equipment at a cost of $62,000. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $112,000. The company uses the perpetual inventory system. 4. Credit sales for the month...