The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a whole- 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. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) No Transaction 01 Cash Common stock Answer is not complete. General Journal Debit Credit 300,000 300,000 300,000 < Prev 2 of 10 Next >