The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. a. Issued 54,000 shares of non-par common stock in exchange for $540,000 in cash.
b. Purchased equipment at a cost of $88,000. $22,000 cash was paid and a notes payable to the seller was signed for the balance owed.
c. Purchased inventory on account at a cost of $164,000. The company uses the perpetual inventory system.
c. Credit sales for the month totaled $240,000. The cost of the goods sold was $144,000.
d. Paid $7,250 in rent on the warehouse building for the month of March.
e. Paid $7,600 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
d. Paid $144,000 on account for the merchandise purchased in 3.
f. Collected $108,000 from customers on account.
g. Recorded depreciation expense of $2,200 for the month on the equipment.

Required:
Analyze each transaction and show the effect of each on the accounting equation for a corporation.

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In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.

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