The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. a. Issued 50,000 shares of common stock in exchange for $500,000 in cash.
b. Purchased equipment at a cost of $80,000. $20,000 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 $152,000.
d. The company uses the perpetual inventory system.
e. Credit sales for the month totaled $220,000. The cost of the goods sold was $132,000.
f. Paid $6,750 in rent on the warehouse building for the month of March.
h. Paid $7,300 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
h. Paid $132,000 on account for the merchandise purchased in c.
i. Collected $99,000 from customers on account.
j. Recorded depreciation expense of $2,000 for the month on the equipment.

Required:
Prepare journal entries to record each of the transactions listed above.

Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate.the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received.c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.

Which of the following comes after a period of recession in the business cycle? a. stagflation b. a drought c. a boom d. recovery

Which of the following is the best example of substitution? a. movie producers begin making more comedies because they cost less to make than action films. b. people walk out before the end of a movie because the acting and the plot are terrible. c. people at the movie theater switch from popcorn to candy because popcorn has gotten too expensive. d. more people begin going to matinee movies instead of night movies to save money on the tickets.