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

Issued $56,000$ shares of no$-$par common stock in exchange for $$560,000$ in cash.

Purchased equipment at a cost of $$92,000.$ Cash of $$23,000$ was pald and a note payable to the seller was signed for the balance

owed.

Purchased Inventory on account at a cost of $$170,000.$ The company uses the perpetual Inventory system.

Credit sales for the month totaled $$250,000.$ The cost of the goods sold was $$150,000.$

Pald $$7,500$ in rent on the warehouse bullding for the month of March.

Pald $$7,750$ to an Insurance company for fire and llability Insurance for a one$-$year perlod beginning April $1,2024.$

Pald $$150,000$ on account for the Inventory purchased in transaction $3.$

Collected $$112,500$ from customers on account.

Recorded depreclation expense of $$2,300$ for the month on the equipment.

Prepare journal entrles to record each of the transactions Ilsted above.

Note: If no entry is required for a transactlon$/$event$,$ select $"$No journal entry required" In the first account fleld.

Journal entry worksheet

Issued $56,000$ shares of no$-$par common stock in exchange for $$560,000$ in

cash.