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

Issued $42,000$ shares of no$-$par common stock in exchange for $$420,000$ in cash. Purchased equipment at a cost of $$64,000.$ Cash of $$16,000$ was paid and a note payable to the seller was signed for the balance owed.

Purchased inventory on account at a cost of $$128,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$180,000.$ The cost of the goods sold was $$108,000.$

Paid $$5,750$ in rent on the warehouse building for the month of March.

Paid $$6,700$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$108,000$ on account for the inventory purchased in transaction $3.$

Collected $$81,000$ from customers on account.

Recorded depreciation expense of $$1,600$ for the month on the equipment.

repare journal entries to record each of the transactions listed above.

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

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

Issued $42,000$ shares of no$-$par common stock in exchange for $$420,000$ in cash.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[01,$Cash,$300,000,],[,$Common stock,,$30,000],[,,,]]$

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