The following transactions occurred during March 2018 for the Wainwright Corporation.

The company owns and operates a wholesale warehouse. Issued 42,000 shares of common stock in exchange for $420,000 in cash.

Purchased equipment at a cost of $64,000. $16,000 cash was paid and a note payable was signed for the balance owed.

Purchased inventory on account at a cost of $128,000. The company uses the perpetual inventory system.

Credit sales for the month totaled $180,000. The cost of the goods sold was $108,000.

Paid $5,750 in rent on the warehouse building for the month of March.

Paid $6,700 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018.

Paid $108,000 on account for the merchandise purchased in 3.

Collected $81,000 from customers on account.

Recorded depreciation expense of $1,600 for the month on the equipment.

Prepare journal entries to record each of the transactions listed above.