The following transactions occurred during March 2024 for the Right Corporation. The company 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. Cash of $10,000 was paid and a note 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, 2024.

7 Paid $70,000 on account for the inventory purchased in transaction 3.

8 Collected $55,000 from customers on account.

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

Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances.

Prepare a trial balance from the ending account balances