Exercise 2-3 (Algo) T-accounts and trial balance (LO2-4] The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 35,000 shares of common stock in exchange for $350,000 in cash. 2. Purchased equipment at a cost of $45,000. $12,500 cash was paid and a notes payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $88,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $145,000. The cost of the goods sold was $75,000. 5. Paid $5,500 in rent on the warehouse building for the month of March. 6. Paid $6,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $75,000 on account for the merchandise purchased in 3. 8. Collected $60,000 from customers on account. 9. Recorded depreciation expense of $1,500 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. Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. (Enter the number of the transaction in the column next to the amount.) Cash Accounts receivable 60,000 Beg. Bal. Beg. Bal. 350,000 End. Bal. 350,000 End. Bal. 60,000 Inventory Prepaid insurance Beg. Bal. Beg. Bal. End. Bal. End. Bal. Equipment Accumulated depreciation Beg. Bal. Beg. Bal. Accounts payable Notes payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Sales revenue Common stock 350,000 Beg. Bal. Beg. Bal. End. Bal. 350,000 End. Bal. Cost of goods sold Rent expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Depreciation expense Beg. Bal. End. Bal