1 pothts eBook Hint Print The following transactions occurred during March 2024 for the Right Corporation....

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1 pothts eBook Hint Print The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse 1. Issued 26,000 shares of no-par common stock in exchange for $260,000 in cash 2. Purchased equipment at a cost of $32,000. Cash of $8,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $80,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $100,000. The cost of the goods sold was $60,000. 5. Paid $3,750 in rent on the warehouse building for the month of March. 6. Paid $5,650 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024 7. Paid $60,000 on account for the inventory purchased in transaction 3. 8. Collected $45,000 from customers on account 9. Recorded depreciation expense of $800 for the month on the equipment Required: Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets Liabilities Paid In Capital Retained Earnings References 1 260,000 T 260,000 + 2 + 3 = 4 5 4 + + 4 + + + 6. 7 8 9. + + + + 1 pothts eBook Hint Print The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse 1. Issued 26,000 shares of no-par common stock in exchange for $260,000 in cash 2. Purchased equipment at a cost of $32,000. Cash of $8,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $80,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $100,000. The cost of the goods sold was $60,000. 5. Paid $3,750 in rent on the warehouse building for the month of March. 6. Paid $5,650 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024 7. Paid $60,000 on account for the inventory purchased in transaction 3. 8. Collected $45,000 from customers on account 9. Recorded depreciation expense of $800 for the month on the equipment Required: Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets Liabilities Paid In Capital Retained Earnings References 1 260,000 T 260,000 + 2 + 3 = 4 5 4 + + 4 + + + 6. 7 8 9. + + + +