The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.
2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed.
3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.
7. Paid $70,000 on account for the merchandise purchased in 3.
8. Collected $55,000 from customers on account.
9. 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.)

journal entries:

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.

Record entry for the cost of goods sold.

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, 2018.

Paid $70,000 on account for the merchandise purchased in 3.

Collected $55,000 from customers on account.

Recorded depreciation expense of $1,000 for the month on the equipment.

Pot the above trancactions to the below T-accounts. Assume that the apening balances in each of the accounts is zera. (Enter the number of the transaction in the column next to the amount.) Bog Bal Bog Bal Bog Bal Bog Bal coumulated Depreolation Bog Bal Bog Bal Bog Bal Bog. Bal Bog. Bal Coct of Goods Bold Bog. Bal Bog. Bal Bog Bal T AccountsTrial Balance Prepare a trial balance from the ending account balances. Trial Balance Account Title Debits Credits Totals 0