1. Issued 48,000 shares of common stock in exchange for $480,000 in cash. 2. 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 3. Purchased inventory on account at a cost of $114,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $210,000. The cost of the goods sold was $88,000. 5. Paid $6,800 in rent on the warehouse building for the month of March. 6. Paid $7,800 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021 7. Pald $88,000 on account for the merchandise purchased in 3. 8. Collected $73,000 from customers on account. 9. 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. 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 Accounts receivable Beg. Bat. Beg Bal, End Bar End Bal Inventory Prepaid insurance Beg. Bal. Beg. Bal. 0 480,000 480,000 End. Bal. End. Bal. Inventory Prepaid insurance Beg. Bal. Beg. Bal. End. Bal. End. Bal. Equipment Accumulated depreciation Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts payable Notes payable Beg Bal. Beg Bal. Prev 3 of 8 ! Next > Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common stock Sales revenue Beg Bal. Beg. Bal. End. Bat. End, Bal Cost of goods sold Rent expense Beg Bal. Beg. Bal End. Bal End. Bal. Dopreciation expande 0 Beg. Bat. 1 2,800 2,800 End. Bal T Accounts Trial Balance Prepare a trial balance from the ending account balances. Trial Balance Debits Account Title Credits Cash Accounts receivable Prepaid insurance Equipment Common stock Notes payable Accounts payable Accumulated depreciation Sales revenue Rent revenue 0 Totals T Account