The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 36,000 shares of non-par common stock in exchange for $360,000 in cash.
2. Purchased equipment at a cost of $52,000. $13,000 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 $110,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $150,000. The cost of the goods sold was $90,000.
5. Paid $4,750 in rent on the warehouse building for the month of March.
6. Paid $6,250 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
7. Paid $90,000 on account for the merchandise purchased in 3.
8. Collected $67,500 from customers on account.
9. Recorded depreciation expense of $1,300 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.)