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The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 56,000 shares of common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000. $23,000 cash was paid and a note payable was signed for the balance owed. 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000 d inventory on account at a cost of $170,000. The company uses the perpetual inventory system. 5. Paid $7.500 in rent on the warehouse building for the month of March 6. Paid $7,750 7. Paid $150,000 on account for the merchandise purchased in 3 8. Collected $112,500 from customers on account. 9. Recorded depreciation expense to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018 of $2,300 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts be indicated by a minus sign. Enter the net change on the accounting equation) to be deducted should < Prev 20t 5іїї Next

Answer 1

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