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July 28, 2014

Homework Help: accounting

Posted by Bobbi on Wednesday, January 12, 2011 at 12:46pm.

The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.
2. Purchased equipment of a cost of $40,000. $10,000 cash was paid and a note payable 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 $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1,2009.
7. Paid $70,000 on account for the merchandise purchased in 3.
8. Collected $55,000 from customers on account.
9. Recorded depreciation expense of $1,000 for the month on the equipment.

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