The following transactions occurred during march 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 30,000 shares of common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000, $10,000 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. Credit sales for the month totaled $120,000. The cost of the goods sold was $70.000. Paid $5.000 in rent on the warehouse building for the month of march. Paid $6.000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016. Paid $70,000 on account for the merchand purchased in 3. Collected $55,000 from customers on account. Recorded depreciation expense of $1.000 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)