The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 26,000 shares of no-par common stock in exchange for $260,000 in cash. 2. Purchased equipment at a cost of $32,000. Cash of $8,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased Inventory on account at a cost of $80,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $100,000. The cost of the goods sold was $60,000. 5. Paid $3,750 in rent on the warehouse building for the month of March. 6. Paid $5,650 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $60,000 on account for the inventory purchased in transaction 3. 8. Collected $45,000 from customers on account. 9. Recorded depreciation expense of $800 for the month on the equipment. Prepare journal entries to record each of the transactions listed above. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is not complete. No 1 Transaction 01 General Journal Cash Common stock 2 02 Equipment Cash 3 03 Notes payable Miscellaneous expense Accounts payable 00 000 < Prev 2 of 8 Debit 260,000 Credit 260,000 00 9 32,000 8,000 24,000 80,000 80,000 A Next >