The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 56,000 shares of non-par common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000,$23,000 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 $170,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $250,000. The cost of the goods sold was $150,000. 5. Paid $7,500 in rent on the warehouse bullding for the month of March. 6. Paid $7,750 to an insurance company for fire and liability insurance for a one-year period beginning April 1,2021. 7. Paid $150,000 on account for the merchandise purchased in 3 . 8. Collected $112,500 from customers on account. 9. Recorded depreciation expense of $2,300 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.)