Question

Keep telling my my answer is not complete, I'm not sure what I am missing

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale Warehouse. 1. Issued 36,000 shares of common stock In exchange for $360,000 In cash. 2. Purchased equipment at a cost of $46,000. $13,000 cash was pald and a notes payable to the seller was signed for the balance owed. 3. Purchased Inventory on account at a cost of $90,000. The company uses the perpetual Inventory system. 4. Credit sales for the month totaled $150,000. The cost of the goods sold was $76,000. 5. Pald $5,600 In rent on the warehouse building for the month of March. 6. Pald $6,600 to an Insurance company for fire and liability Insurance for a one-year period beginning April 1, 2021. 7. Pald $76,000 on account for the merchandise purchased In 3. 8. Collected $61,000 from customers on account. 9. Recorded depreciation expense of $1,600 for the month on the equipment. 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. % Answer is not complete. Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. (Enter the number of the transaction in the column next to the amount.) Cash Accounts receivable 360.000 150.000 | 61.000 13.000 2. 5.600 5. 6,8006. 78.000 7. OOOO End. Bal. 258.800 89,000 Inventory Prepaid insurance 3. 90.000 6.600 78,000 End. 14.000 6.600 Bal

Answer 1

Cash
Beg. Bal
1. Common Stock	360000	13000	2. Equipment
		5600	5. Rent
		6600	6. Prepaid Insurance
		76000	7. Accounts Payable
End bal.	258800

Accounts receivable
Beg bal.
4. Sales Revenue	150000
		61000	8. Cash
End bal.	89000

Inventory
Beg bal.
3. Accounts payable	90000
		76000	4. Cost of goods sold
End bal.	14000
Prepaid insurance
Beg bal.
6. Cash	6600
End bal.	6600

Equipment
Beg bal.
2.	46000
End bal.	46000
Accumulated depreciation
Beg bal.		1600	9. Depreciation Expenses
End bal.		1600

Accounts payable
Beg bal.
7. Cash	76000
		90000	3. Inventory
End bal.		14000
Notes payable
Beg bal.
		33000	2. Equipment
End bal.		33000
Common stock
Beg bal.
		360000	1. Cash
End bal.		360000
Sales revenue
Beg bal.
		150000	4. Accounts receivable
End bal.		150000

Cost of goods sold
Beg bal
4. Inventory	76000
End bal.	76000
Rent expenses
Beg bal.
5. Cash	5600
End bal.	5600
Depreciation expenses
Beg bal.
9. Accumulated Depreciation	1600
End bal.	1600

Trial Balance

Particulars	Ref no.	Debit	Credit
Cash		258800
Accounts Receivable		89000
Inventory		14000
Prepaid Insurance		6600
Equipment		46000
Accumulated Depreciation			1600
Accounts payable			14000
Notes payable			33000
Common stock			360000
Sales revenue			150000
Cost of goods sold		76000
Rent expenses		5600
Depreciation expenses		1600
Total		497600	558600

61000 difference is going to be there in trial balance as in number 8 accounts receivable will be credited by 61000 and cash will be debited by 61000. Therefore in cash t account it will be debited by 61000 as accounts receivable.