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Category > Management Posted 08 Oct 2017 My Price 9.00

Wainwright Corporation.

Journal entries

Prepare journal entries to record each of the transactions listed in E2–1.

E2–1

The following transactions occurred during March 2016 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 at 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, 2016.

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.

Required:

Analyze each transaction and show the effect of each on the accounting equation for a corporation. Example:

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 10:10 PM My Price 9.00

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