The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 56,000 shares of no-par common stock in exchange for $560,000 in cash. 2. Purchased equipment at a cost of $92,000. Cash of $23,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $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 building 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, 2024. 7. Paid $150,000 on account for the inventory purchased in transaction 3. 8. Collected $112,500 from customers on account. 9. Recorded depreciation expense of $2,300 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation. Assets Liabilities + Paid-In Capital + Retained Earnings 1. 560,000 + 560,000 + 2 + + 3. + + 4. " . + 5. " + + 6. + + 7. Prev 1 of 8 Next >