70.2K

Verified Solution

Link Copied!

The following transactions occurred during March $2024$ for the Right Corporation. The company operates a wholesale warehouse.

Issued $43,000$ shares of no$-$par common stock in exchange for $$430,000$ in cash.

Purchased equipment at a cost of $$53,000.$ Cash of $$16,500$ was paid and a note payable to the seller was signed for the balance owed.

Purchased inventory on account at a cost of $$104,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$185,000.$ The cost of the goods sold was $$83,000.$

Paid $$6,300$ in rent on the warehouse building for the month of March.

Paid $$7,300$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$83,000$ on account for the inventory purchased in transaction $3.$

Collected $$68,000$ from customers on account.

Recorded depreciation expense of $$2,300$ for the month on the equipment.

Post the above transactions to the below T$-$accounts. Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances.

Complete this question by entering your answers in the tabs below.

T Accounts

Trial Balance

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

Note: Enter the number of the transaction in the column next to the amount.

$\backslash$table$[[$Cash$,],[$Beginning Balance,$0,,],[,,,],[,,,],[,,,],[,,,]]$

$\backslash$table$[[$Accounts receivable,$],[$Beginning Balance,$0,,],[,,,],[,,,],[,,,],[,,,]]$

The following transactions occurred during March $2024$ for the Right Corporation. The company operates a wholesale warehouse.

Issued $43,000$ shares of no$-$par common stock in exchange for $$430,000$ in cash.

Purchased equipment at a cost of $$53,000.$ Cash of $$16,500$ was paid and a note payable to the seller was signed for the balance owed.

Purchased inventory on account at a cost of $$104,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$185,000.$ The cost of the goods sold was $$83,000.$

Paid $$6,300$ in rent on the warehouse building for the month of March.

Paid $$7,300$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$83,000$ on account for the inventory purchased in transaction $3.$

Collected $$68,000$ from customers on account.

Recorded depreciation expense of $$2,300$ for the month on the equipment.

Post the above transactions to the below T$-$accounts. Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances.

Complete this question by entering your answers in the tabs below.

T Accounts

Trial Bal$$ce

Prepare a trial balance from the ending account balances.

$\backslash$table$[[$Trial Balance,$],[$Account Title,Debits,Credits$],[,,],[,,],[,,],[,,],[,,]]$

The following transactions occurred during March $2024$ for the Right Corporation. The company operates a wholesale warehouse.

Issued $43,000$ shares of no$-$par common stock in exchange for $$430,000$ in cash.

Purchased equipment at a cost of $$53,000.$ Cash of $$16,500$ was paid and a note payable to the seller was signed for the balance owed.

Purchased inventory on account at a cost of $$104,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$185,000.$ The cost of the goods sold was $$83,000.$

Paid $$6,300$ in rent on the warehouse building for the month of March.

Paid $$7,300$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$83,000$ on account for the inventory purchased in transaction $3.$

Collected $$68,000$ from customers on account.

Recorded depreciation expense of $$2,300$ for the month on the equipment.

Post the above transactions to the below T$-$accounts. Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances.

Complete this question by entering your answers in the tabs below.

T Alccounts

Trial Balanc

Answer & Explanation Solved by verified expert

See Answer