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

The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 20,000 shares of common stock in exchange for $200,000 in cash. 2. Purchased equipment at a cost of $20,000. $5,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $62,000. The company uses the perpetual inventory system 4. Credit sales for the month totaled $70,000. The cost of the goods sold was $42,000 5. Paid $3,000 in rent on the warehouse building for the month of March. 6. Paid $5,200 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018. 7. Paid $42,000 on account for the merchandise purchased in 3 8. Collected $31,500 from customers on account. 9. Recorded depreciation expense of $500 for the month on the equipment