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The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 38,000 shares of common

image text in transcribedimage text in transcribed The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 38,000 shares of common stock in exchange for $380,000 in cash. 2. Purchased equipment at a cost of $56,000. $14,000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $116,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $160,000. The cost of the goods sold was $96,000. 5. Paid $5,250 in rent on the warehouse building for the month of March. 6. Paid $6,400 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018. 7. Paid $96,000 on account for the merchandise purchased in 3 . 8. Collected $72,000 from customers on account. 9. Recorded depreciation expense of $1,400 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.)

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