The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates...

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The following transactions occurred during March 2018 for theWainwright Corporation. The company owns and operates a wholesalewarehouse. Issued 31,000 shares of common stock in exchange for$310,000 in cash. Purchased equipment at a cost of $41,000. $10,500cash was paid and a note payable was signed for the balance owed.Purchased inventory on account at a cost of $80,000. The companyuses the perpetual inventory system. Credit sales for the monthtotaled $125,000. The cost of the goods sold was $71,000. Paid$5,100 in rent on the warehouse building for the month of March.Paid $6,100 to an insurance company for fire and liabilityinsurance for a one-year period beginning April 1, 2018. Paid$71,000 on account for the merchandise purchased in 3. Collected$56,000 from customers on account. Recorded depreciation expense of$1,100 for the month on the equipment. Post the above transactionsto the below T-accounts. Assume that the opening balances in eachof the accounts is zero. Prepare a trial balance from the endingaccount balances.

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Trial Balance Particulars Dr Cr Common Stock 310000 Cash Ac 273300 Equipment Ac 39900 Bills Payable Ac 30500 Purchases Ac 80000 Accounts Payable Ac 9000 Sales Ac 125000 Accounts Receivables Ac 69000 Prepaid Insurance Ac 6100 Depreciation exp 1100 Rent 5100 Total 474500 474500 In the books of Wainwright Corporation T Account Dr Common Stock Ac Cr Date Particulars Amount in Date Particulars Amount in Mar18 Cash Ac See Answer

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The following transactions occurred during March 2018 for theWainwright Corporation. The company owns and operates a wholesalewarehouse. Issued 31,000 shares of common stock in exchange for$310,000 in cash. Purchased equipment at a cost of $41,000. $10,500cash was paid and a note payable was signed for the balance owed.Purchased inventory on account at a cost of $80,000. The companyuses the perpetual inventory system. Credit sales for the monthtotaled $125,000. The cost of the goods sold was $71,000. Paid$5,100 in rent on the warehouse building for the month of March.Paid $6,100 to an insurance company for fire and liabilityinsurance for a one-year period beginning April 1, 2018. Paid$71,000 on account for the merchandise purchased in 3. Collected$56,000 from customers on account. Recorded depreciation expense of$1,100 for the month on the equipment. Post the above transactionsto the below T-accounts. Assume that the opening balances in eachof the accounts is zero. Prepare a trial balance from the endingaccount balances.