The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. owed 1. Issued 32,000 shares of non-par common stock in exchange for $320,000 in cash. 2. Purchased equipment at a cost of $44,000 $11,000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $130,000. The cost of the goods sold was $78,000 5. Paid $4,250 in rent on the warehouse building for the month of March 6. Paid $5,950 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $78,000 on account for the merchandise purchased in 3. 8. Collected $58,500 from customers on account. 9. Recorded depreciation expense of $1,100 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.) 1 Issued 32,000 shares of common stock in exchange for $320,000 in cash. 2 Purchased equipment at a cost of $44,000. $11,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3 Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. 4 Credit sales for the month totaled $130,000. 5 The cost of the goods was 78,000. 6 Paid $4,250 in rent on the warehouse building for the month of March. 7 Paid $5,950 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 00 Paid $78,000 on account for the merchandise purchased in 3. 9 Collected $58,500 from customers on account. 10 Recorded depreciation expense of $1,100 for the month on the equipment