The Journal Entries to record the transactions for Wainwright Corporation in the month of March 2021 are as follows:
Journal Entries:
a. Debit Cash $600,000
Credit Common Stock $600,000
To record issuance of 60,000 shares of non-par common stock for cash.
b. Debit Equipment $100,000
Credit Cash $25,000
Credit Notes Payable $75,000
To record the purchase of equipment.
c. Debit Inventory $182,000
Credit Accounts Payable $182,000
To record the purchase of inventory on account.
d. Debit Accounts Receivable $270,000
Credit Sales Revenue $270,000
To record the credit sales for the month.
d. Debit Cost of Goods Sold $162,000
Credit Inventory $162,000
To record the cost of goods sold.
e. Debit Rent Expense $8,000
Credit Cash $8,000
To record the payment of rent on the warehouse building.
f. Debit Prepaid Insurance $8,050
Credit Cash $8,050
To record the prepayment of insurance for one year, from April 1, 2021.
g. Debit Accounts Payable $162,000
Credit Cash $162,000
To record payment on account.
h. Debit Cash $121,500
Credit Accounts Receivable $121,500
To record receipt of cash on account.
i. Debit Depreciation Expense $2,500
Credit Accumulated Depreciation $2,500
To record depreciation expense for the month.
Data Analysis:
a. Cash $600,000 Common Stock $600,000
b. Equipment $100,000 Cash $25,000 Notes Payable $75,000
c. Inventory $182,000 Accounts Payable $182,000
d. Accounts Receivable $270,000 Sales Revenue $270,000
d. Cost of Goods Sold $162,000 Inventory $162,000
e. Rent Expense $8,000 Cash $8,000
f. Prepaid Insurance $8,050 Cash $8,050
g. Accounts Payable $162,000 Cash $162,000
h. Cash $121,500 Accounts Receivable $121,500
i. Depreciation Expense $2,500 Accumulated Depreciation $2,500
Read more about recording journal entries at brainly.com/question/17201601
