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  3. the following transactions occurred during march 2

The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and...

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Accounting

The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 44,000 shares of common stock in exchange for $440,000 in cash.
2.

Purchased equipment at a cost of $54,000. $17,000 cash was paid and a note payable was signed for the balance owed.
3.

Purchased inventory on account at a cost of $106,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $190,000. The cost of the goods sold was $84,000.
5. Paid $6,400 in rent on the warehouse building for the month of March.
6.

Paid $7,400 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016.
7. Paid $84,000 on account for the merchandise purchased in 3.
8. Collected $69,000 from customers on account.
9. Recorded depreciation expense of $2,400 for the month on the equipment.

Post the above transactions to below T-accounts. Assume that the opening balances in each of the accounts is zero.

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