The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 48,000 shares of common stock in exchange for $480,000 in cash. Purchased equipment at a cost of $58,000. $19,000 cash was paid and a notes payable to the seller was signed for the balance owed. Purchased inventory on account at a cost of $114,000. The company uses the perpetual inventory system. Credit sales for the month totaled $210,000. The cost of the goods sold was $88,000. Paid $6,800 in rent on the warehouse building for the month of March. Paid $7,800 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. Paid $88,000 on account for the merchandise purchased in 3. Collected $73,000 from customers on account. Recorded depreciation expense of $2,800 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.

Wainwright Corporation

1. T-accounts:

Cash

Accounts Titles                  Debit     Credit

Common stock             $480,000

Equipment                                        $19,000

Rent Expense                                      6,800

Prepaid insurance                               7,800

Accounts payable                             88,000

Accounts receivable        73,000

Balance                                         $431,400

Common Stock

Accounts Titles                  Debit     Credit

Cash                                               $480,000

Equipment

Accounts Titles                  Debit     Credit

Cash                                $19,000

Notes payable                  39,000

Balance                                          $58,000

Notes Payable

Accounts Titles                  Debit     Credit

Equipment                                      $39,000

Inventory

Accounts Titles                  Debit     Credit

Accounts payable            $114,000

Cost of goods sold                           $88,000

Balance                                               26,000

Accounts Payable

Accounts Titles                  Debit     Credit

Inventory                                          $114,000

Cash                                  $88,000

Balance                               26,000

Cost of Goods Sold

Accounts Titles                  Debit     Credit

Inventory                          $88,000

Sales Revenue

Accounts Titles                  Debit     Credit

Accounts receivable                      $210,000

Accounts Receivable

Accounts Titles                  Debit     Credit

Sales revenue                $210,000

Cash                                                    $73,000

Balance                                                137,000

Rent Expense

Accounts Titles                  Debit     Credit

Cash                                  $6,800

Prepaid Insurance

Accounts Titles                  Debit     Credit

Cash                                  $7,800

Depreciation Expense

Accounts Titles                    Debit     Credit

Accumulated depreciation $2,800

Accumulated Depreciation - Equipment

Accounts Titles                  Debit     Credit

Depreciation Expense                     $2,800

2. Trial Balance

As of April 30, 2021:

Accounts Titles              Debit          Credit

Cash                            $431,400

Common stock                                 $480,000

Equipment                     58,000

Notes payable                                      39,000

Inventory                       26,000

Accounts payable                                26,000

Cost of goods sold       88,000

Sales revenue                                    210,000

Accounts receivable   137,000

Rent expense                 6,800

Prepaid insurance          7,800

Depreciation expense   2,800

Accumulated depreciation                   2,800

Totals                       $757,800       $757,800

Explanation:

To prepare T-accounts, just follow a simple step by posting each transaction to two accounts or more as the case may.  After all transactions have been posted, balance the accounts by identifying the differences between the two sides of each account.  Use the balances (where only one transaction is recorded in an account, that becomes the balance) to extract the Trial Balance.

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