Exercise $2-2($Static$)$ Journal entries $[$LO$2-3]$

The following transactions occurred during March $2024$ for the Right Corporation. The company operates a wholesale warehouse

Issued $30,000$ shares of no$-$par common stock in exchange for $$300,000$ in cash.

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.

Purchased inventory on account at a cost of $$90,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$120,000.$ The cost of the goods sold was $$70,000.$

Paid $$5,000$ in rent on the warehouse building for the month of March.

Paid $$6,000$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$70,000$ on account for the inventory purchased in transaction $3.$

Collected $$55,000$ from customers on account:

Recorded depreciation expense of $$1,000$ for the month on the equipment.

Prepare joumal entries to record each of the transactions Iiste Nabove

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.