Answered Essay: e Wainwright Corporation. The company owns and operates a wholesale warehouse.

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

1. Issued 47,000 shares of common stock in exchange for $470,000 in cash.

2. Purchased equipment at a cost of $57,000. $18,500 cash was paid and a note payable was signed for the balance owed.

3. Purchased inventory on account at a cost of $112,000. The company uses the perpetual inventory system.

4. Credit sales for the month totaled $205,000. The cost of the goods sold was $87,000.

5. Paid $6,700 in rent on the warehouse building for the month of March.

6. Paid $7,700 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.

7. Paid $87,000 on account for the merchandise purchased in 3.

8. Collected $72,000 from customers on account.

9. Recorded depreciation expense of $2,700 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.

Cash Accounts Receivable Beg. Bal Beg. Bal 4 470,000 72,000 18,500 6,700 7,700 6 87,000 205,000 72.000 8 End. Bal 422,100 End. Bal 133,000 Inventory repaid Insurance Beg. Bal Beg. Bal 6 112,000 7,700 4 87,000 End. Bal 199,000 End. Bal 7,700 Equipment Accumulated Depreciation Beg. Bal Beg. Bal 57,000 2,700 End. Bal 57,000 End. Bal 2,700

My trial balance totals dont equal each other. Please help

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Expert Answer

 

Make changes in following T- Account
                     inventory
beg bal
3 112,000 4 87,000
end bal 25,000
Trial Balance
Cash 422,100
Accounts receivable 133,000
Inventory 25,000
prepaid insurance 7,700
Equipment 57,000
Accumulated Depreciation 2,700
Accounts payable 25,000
Note payable 38,500
Common Stock 470,000
Sales revenue 205,000
Cost of goods sold 87,000
Rent expense 6,700
Depreciation expense 2,700
totals 741,200 741200
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