Chapter 2recommened end-of-chapter problems.docVIP

Ch 2: Recommended End-of-Chapter Problems E 2-1 ? Transaction analysis ? ●?LO1 The following transactions occurred during March 2011 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. ? Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. ? Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. 3. ? Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. 4. ? Credit sales for the month totaled $120,000. The cost of the goods so