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ACCT/382 ACCT382 ACCT 382 Week 2 Chapter 2 Homework Question 2


ACCT 382 Week 2 Chapter 2 Homework Question 2 There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at studentwhiz@gmail.com and your answer is with you in no time. Question 2 The following transactions occurred during March 2013 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. a. Issued 30,000 shares of common stock in exchange for $300,000 in cash. b. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. c. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. d. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. e. Paid $5,000 in rent on the warehouse building for the month of March. f. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2013. g. Paid $70,000 on account for the merchandise purchased in transaction c. h. Collected $55,000 from customers on account. i. Recorded depreciation expense of $1,000 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. (If no entry is required for a particular transaction, select “No journal entry required” in the first account field.)


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