Exercise 2-3 (Algo) T-accounts and trial balance [LO2-4] The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 45,000 shares of no-par common stock in exchange for $450,000 in cash. 2. Purchased equipment at a cost of $55,000. Cash of $17,500 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $108,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $195,000. The cost of the goods sold was $85,000. 5. Paid $6,500 in rent on the warehouse building for the month of March. 6. Paid $7,500 to an insurance company for fire and liability insurance for a one-year period beginning April1, 2024. 7. Paid $85,000 on account for the inventory purchased in transaction 3 . 8. Collected $70,000 from customers on account. 9. Recorded depreciation expense of $2,500 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. Prepare a trial balance from the ending account balances