Question

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 49,000 shares of common stock exchange for $490,000 in cash. 2. Purchased equipment at a cost of $59,000 $19,500 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 totaled $215,000. The cost of the goods sold was $89.000. 5. Paid $6.900 in rent on the warehouse building for the month of March 6. Paid $7.900 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021 7. Paid $89.000 on account for the merchandise purchased in 3. 8. Collected $74.000 from customers on account. 9. Recorded depreciation expense of $2,900 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 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 Beg Bal Accounts receivable Beg BN

Answer 1

Am ษ I_Account O Bal $490,000 Bij Cultohesel 74,000 Cash b) Equil wu 1 19,500 e Ren 6,900 7,900 9. Hezclandbou 89,000 1440,790 End Bal Common stock Bez.Bal.g)_11_490,000 Enol Bal $490,000 Equipment Bop Ball $59,000 End. Bed! $59.000 Notes Payable y op Bal $.34,500 End. Bal & 39,500 (59000-19:00) C) Pur 116,000 Inventory $89.000 end. Bal 27,000 دهه_رك Accounts Payable 9) 1889,000 (s) Perfume Lp 116,000 End. Bal $80oo Accounts Receivable $25,000 h $ 74,000 lend. Bal. 1$ 144,000 Sales Ope.Bal. $215,000 End-Bale $ 211,000 DELTA Notebook

Rent Experie . e O pe Bal. $ 6.900 Evol. Bin $6,900 Secofrard Jusurance Hi Ore.Bol s 7200 End B $ 7,900 Deprecahon Eupente Ú Ope.Bal. 1$22.900 Eul. Bal. $2,900 Cost of Good sold Ope.Bal. (89000 Eol Ball$ 89,000 Accumlated Depreçtehona Ti Ope. Bal. 92,900 End. Bal. $ 3,900 Credit Trial Balance Particular Delent Cash $ 440,700 Accounts Receivable 141,000 qurentony 97,000 Prepaid Juswance 1900 Equipment 59,000 Accumlated Depreciation Accounts Payable Notes Payable Common stock Sales Cost 89,000 Rout'cupiese 67900 Dyprenien Supeuse 2900 714,900 $4,400 27,000 39,500 490,000 218,000 of Goods sold $774.300