The following transactions occurred during March 2016 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 note payable 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, 2016

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 below T-accounts. Assume that the opening balances in each of the accounts is zero. (List of accounts: Cash, Account Receivable, Account Payable, Inventory, Prepaid Insurance, Equipment, Accumulated Depreciation, Note Payable, Common Stock, Sale Revenue, Cost of Goods Sold, Rent Expense, Depre

- Prepare a trial balance from these ending account balances.

Paid $6,500 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016