The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 46,000 shares of non-par common stock in exchange for $460,000 in cash. 2. Purchased equipment at a cost of $72,000. $18,000 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 $140,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $200,000. The cost of the goods sold was $120,000. 5. Paid $6,250 in rent on the warehouse building for the month of March. 6. Paid $7,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $120,000 on account for the merchandise purchased in 3. 8. Collected $90,000 from customers on account. 9. Recorded depreciation expense of $1,800 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Issued 46,000 shares of common stock in exchange for $460,000 in cash. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit Record entry Clear entry View general journal < 1 2 3 4 5 6 7 8 9 10 > Purchased equipment at a cost of $72,000. $18,000 cash was paid and a notes payable to the seller was signed for the balance owed. Note: Enter debits before credits. Transaction 02 General Journal Debit Credit Record entry Clear entry View general journal 1 2 3 4 5 6 7 8 9 10 Purchased inventory on account at a cost of $140,000. The company uses the perpetual inventory system. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 10 Credit sales for the month totaled $200,000. Note: Enter debits before credits. Transaction 4a General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 The cost of the goods was 120,000. Note: Enter debits before credits. Transaction 4b LO 5 6 7 8 9 10 General Journal Debit Credit 7 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Paid $6,250 in rent on the warehouse building for the month of March. Note: Enter debits before credits. Transaction 05 General Journal Debit Credit 7 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Paid $7,000 to an insurance company for fire and liability insurance for a one- year period beginning April 1, 2021. Note: Enter debits before credits. Transaction 06 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Paid $120,000 on account for the merchandise purchased in 3. Note: Enter debits before credits. Transaction 07 General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet 1 2 34 5 6 7 8 9 10 Collected $90,000 from customers on account. Note: Enter debits before credits. Transaction 08 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Recorded depreciation expense of $1,800 for the month on the equipment. Note: Enter debits before credits. Transaction 09 General Journal Debit Credit Record entry Clear entry View general journal