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

1. Issued 34,000 shares of common stock in exchange for $340,000 in cash.
2. Purchased equipment at a cost of $48,000. $12,000 cash was paid and a note payable was signed for the balance owed.
3. Purchased inventory on account at a cost of $104,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $140,000. The cost of the goods sold was $84,000.
5. Paid $4,500 in rent on the warehouse building for the month of March.
6. Paid $6,100 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.
7. Paid $84,000 on account for the merchandise purchased in 3.
8. Collected $63,000 from customers on account.
9. Recorded depreciation expense of $1,200 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.)

Assets = Liabilities + Paid-In Capital + Retained Earnings

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