# accounting

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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1. 4. Credit sales for the month totaled \$120,000. The cost of the goods sold was \$70,000.

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