The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse

1. Issued 28,000 shares of no-par common stock in exchange for $280,000 in cash.
2. Purchased equipment at a cost of $36,000. Cash of $9,000 was paid and a note payable to the seller was signed for the bala owed.
3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $110,000. The cost of the goods sold was $66,000.
5. Paid $4,000 in rent on the warehouse building for the month of March.
6. Paid $5,800 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024.
7. Paid $66,000 on account for the inventory purchased in transaction 3.
8. Collected $49,500 from customers on account.
9. Recorded depreciation expense of $900 for the month on the equipment.