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Prepare journal entries to record each of the transactions

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

Point 1. Issued 40,000 shares of common stock in exchange for $400,000 in cash.

Point 2. Purchased equipment at a cost of $60,000. $15,000 cash was paid and a note payable was signed for the balance owed.

Point 3. Purchased inventory on account at a cost of $122,000. The company uses the perpetual inventory system.

Point 4. Credit sales for the month totaled $170,000. The cost of the goods sold was $102,000.

Point 5. Paid $5,500 in rent on the warehouse building for the month of March

Point 6. Paid $6,550 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.

Point 7. Paid $102,000 on account for the merchandise purchased in 3.

Point 8. Collected $76,500 from customers on account. 9. Recorded depreciation expense of $1,500 for the month on the equipment.

Question 1: Prepare journal entries to record each of the transactions listed above

Reference no: EM132476348

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