ces The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash. 2. Purchased equipment at a cost of $40,000. Cash of $10,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $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. Paid $5,000 in rent on the warehouse building for the month of March. 6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $70,000 on account for the inventory purchased in transaction 3. 8. Collected $55,000 from customers on account. 9. Recorded depreciation expense of $1,000 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 1. 300,000 300,000 + 2. 30,000 30,000 + + 3. 90,000 90,000 + + 4. 120,000 + 70,000 + 5. 5,000 5,000 + + 6. 6,000 6,000 + + 7. 70,000 => 70,000 + 8. 55,000 = 55,000 + + 9. 1,000 => 1,000 + +