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

1. Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash.
2. Purchased equipment at a cost of $40,000. $10,000 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 $90,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
5. Paid $5,000 in rent on the warehouse building for the month of March.
6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
7. Paid $70,000 on account for the merchandise purchased in 3.
8. Collected $55,000 from customers on account.
9. Recorded depreciation expense of $1,000 for the month on the equipment.

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

Issued 30,000 shares of common stock in exchange for $300,000 in cash.

Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed.

Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.

Credit sales for the month totaled $120,000.

The cost of the goods was $70,000.

Paid $5,000 in rent on the warehouse building for the month of March.

Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.

Paid $70,000 on account for the merchandise purchased in 3.

Collected $55,000 from customers on account.

Recorded depreciation expense of $1,000 for the month on the equipment.