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

1. Issued 22,000 shares of common stock in exchange for $220,000 in cash.

2. Purchased equipment at a cost of $24,000. $6,000 cash was paid and a note payable was signed for the balance owed.

3. Purchased inventory on account at a cost of $68,000. The company uses the perpetual inventory system.

4. Credit sales for the month totaled $80,000. The cost of the goods sold was $48,000.

5. Paid $3,250 in rent on the warehouse building for the month of March.

6. Paid $5,350 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.

7. Paid $48,000 on account for the merchandise purchased in 3.

8. Collected $36,000 from customers on account.

9. Recorded depreciation expense of $600 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 1. 2. 3. 4. 5. 6. 7. 8. 9