The following transactions occurred during March 2021 for the
Wainwright Corporation. The company owns and operates a wholesale
warehouse.
Post the above transactions to the below T-accounts. Assume that
the opening balances in each of the accounts is zero. Prepare a
trial balance from the ending account balances.
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T-Accounts
Cash | Common Stock | Equipment | Notes Payable | |||||||||||||||
a) | $ 440,000.00 | b) | $ 17,000.00 | a) | $ 440,000.00 | b) | $ 54,000.00 | b) | $ 37,000.00 | |||||||||
h) | $ 69,000.00 | e) | $ 6,400.00 | |||||||||||||||
f) | $ 7,400.00 | |||||||||||||||||
g) | $ 84,000.00 | |||||||||||||||||
End. Bal | $ 394,200.00 | |||||||||||||||||
Inventory | Accounts Payable | Accounts Receivable | Cost of Goods sold | |||||||||||||||
c) | $ 106,000.00 | d) | $ 84,000.00 | g) | $ 84,000.00 | c) | $ 106,000.00 | d) | $ 190,000.00 | h) | $ 69,000.00 | d) | $ 84,000.00 | |||||
End. Bal | $ 22,000.00 | End. Bal. | $ 22,000.00 | End. Bal | $ 121,000.00 | |||||||||||||
Sales | Rent Expense | Prepaid Insurance | Depreciation Expense | |||||||||||||||
d) | $ 190,000.00 | e) | $ 6,400.00 | f) | $ 7,400.00 | i) | $ 2,400.00 | |||||||||||
Accumulated Depreciation | ||||||||||||||||||
i) | $ 2,400.00 |
Trial Balance
Debit | Credit | |||
Cash | $ 394,200.00 | |||
Accounts Receivable | $ 121,000.00 | |||
Inventory | $ 22,000.00 | |||
Prepaid Insurance | $ 7,400.00 | |||
Equipment | $ 54,000.00 | |||
Accumulated Depreciation | $ 2,400.00 | |||
Accounts Payable | $ 22000.00 | |||
Notes Payable | $ 37,000.00 | |||
Common Stock | $ 440,000.00 | |||
Sales | $ 190,000.00 | |||
Cost of Goods sold | $ 84,000.00 | |||
Rent Expense | $ 6,400.00 | |||
Depreciation Expense | $ 2,400.00 | |||
$ 691,400.00 | $ 691,400.00 |
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