The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 43,000 shares of no-par common stock in exchange for $430,000 in cash. 2. 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. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $185,000. The cost of the goods sold was $83,000. 5. Paid $6,300 in rent on the warehouse building for the month of March. 6. Paid $7,300 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $83,000 on account for the inventory purchased in transaction 3. 8. Collected $68,000 from customers on account. 9. 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. Beginning Balance Cash 0 Accounts receivable Beginning Balance 0
The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 43,000 shares of no-par common stock in exchange for $430,000 in cash. 2. 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. 3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $185,000. The cost of the goods sold was $83,000. 5. Paid $6,300 in rent on the warehouse building for the month of March. 6. Paid $7,300 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $83,000 on account for the inventory purchased in transaction 3. 8. Collected $68,000 from customers on account. 9. 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. Beginning Balance Cash 0 Accounts receivable Beginning Balance 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse.
1. Issued 43,000 shares of no-par common stock in exchange for $430,000 in cash.
2. 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.
3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $185,000. The cost of the goods sold was $83,000.
5. Paid $6,300 in rent on the warehouse building for the month of March.
6. Paid $7,300 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024.
7. Paid $83,000 on account for the inventory purchased in transaction 3.
8. Collected $68,000 from customers on account.
9. 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.
Beginning Balance
Cash
0
Accounts receivable
Beginning Balance
0
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