Exercise 2-2 (Algo) Journal entries [LO2-3] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 38,000 shares of no-par common stock in exchange for $380,000 in cash. 2. Purchased equipment at a cost of $56,000. Cash of $14,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $160,000. The cost of the goods sold was $96,000. 5. Paid $5,250 in rent on the warehouse building for the month of March. 6. Paid $6,400 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $96,000 on account for the inventory purchased in transaction 3. 8. Collected $72,000 from customers on account. 9. Recorded depreciation expense of $1,400 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. \begin{tabular}{|c|c|c|c|} \hline Transaction & General Journal & Debit & Credit \\ \hline(1) & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}