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

1. Issued 20,000 shares of no-par common stock in exchange for $200,000 in cash.
2. Purchased equipment at a cost of $20,000. Cash of $5,000 was paid and a note payable to the seller was signed for the balance owed.
3. Purchased inventory on account at a cost of $62,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $70,000. The cost of the goods sold was $42,000.
5. The cost of the goods sold was 42,000
6. Paid $3,000 in rent on the warehouse building for the month of March.
7. Paid $5,200 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024.
8. Paid $42,000 on account for the inventory purchased in transaction 3.
9. Collected $31,500 from customers on account.
10. Recorded depreciation expense of $500 for the month on the equipment.

Prepare journal entries to record each of the transactions listed above.

Journal entry worksheet 89 Issued 20,000 shares of no-par common stock in exchange for $200,000 in cash. Note: Enter debits before credits