what am i missing why is it still incomplerte 1 Issued 30000

what am i missing? why is it still incomplerte

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 pald 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 sold was $70,000. 5. Pald $5,000 In rent on the warehouse bullding for the month of March 6. Pald $6,000 to an Insurance company for fire and lablity Insurance for a one-year perlod beginning Aprl 1, 2018. 7. Pald $70,000 on account for the merchandlse purchased In 3. 8. Collected $55,000 from customers on account. 9. Recorded depreclation expense of $1,000 for the month on the equlpment 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. Answer is not complete Complete this question by entering your answers in the tabs below T Accounts Trial Balance Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. (Enter the number of the transaction in the column next to the amount.) Cash Bal 300,000 5,000 120,000 55,000 8. 0155,000 6,0000 70,000 10,000 End Bal 284,000 85,000 Prepaid Insurance Bal 3. 0,00070,000 6,000 End Bal 20,000 6,000 Bal 40,000 1,000 End Bal 40,000 1,000

Solution

Solution:

Cash Account
Transaction	Particulars	Debit	Transaction	Particulars	Credit
1	To Common Stock	$300,000.00	2	By Equipment	$10,000.00
8	To Accounts Receivable	$55,000.00	5	By Rent	$5,000.00
			6	By Prepaid Insurance	$6,000.00
			7	By Accounts Payable	$70,000.00
				By Balance C/f	$264,000.00
	Total	$355,000.00			$355,000.00