The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 32,000 shares of no-par common stock in exchange for $320,000 in cash. 2. Purchased equipment at a cost of $44,000. Cash of $11,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $130,000. The cost of the goods sold was $78,000. 5. Paid $4,250 in rent on the warehouse building for the month of March. 6. Paid \$5,950 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $78,000 on account for the inventory purchased in transaction 3. 8. Collected $58,500 from customers on account. 9. Recorded depreciation expense of $1,100 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. Journal entry worksheet 5678910> Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. Note: Enter debits before credits. The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 32,000 shares of no-par common stock in exchange for $320,000 in cash. 2. Purchased equipment at a cost of $44,000. Cash of $11,000 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $130,000. The cost of the goods sold was $78,000. 5. Paid $4,250 in rent on the warehouse building for the month of March. 6. Paid \$5,950 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2024. 7. Paid $78,000 on account for the inventory purchased in transaction 3. 8. Collected $58,500 from customers on account. 9. Recorded depreciation expense of $1,100 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. Journal entry worksheet 5678910> Purchased inventory on account at a cost of $98,000. The company uses the perpetual inventory system. Note: Enter debits before credits