The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 20,000 shares of common stock In exchange for $200,000 In cash. 2 Purchased equipment at a cost of $20,000. $5,000 cash was pald and a note payable was signed for the balance owed. 3. Purchased Inventory on account at a cost of $62,000. The company uses the perpetual Inventory system. 4. Credit sales for the month totaled $70,000. The cost of the goods sold was $42,000. 5. Pald $3,000 In rent on the warehouse bullding for the month of March. 6. Paid $5,200 to an Insurance company for fire and liability Insurance for a one-year period beginning April 1, 2018 7. Pald $42,000 on account for the merchandise purchased In 3. 8. Collected $31,500 from customers on account 9. Recorded depreclation expense of $500 for the month on the equlpment. 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.) View transaction list Journal entry worksheet K123 5 6 78 9 10 ssued 20,000 shares of common stock in exchange for $200,000 in cash Note: Enter debits before credits. Transaction General Journal Debit Credit 01