The following transactions occurred during march 2018 for the wainwright corporation. the company owns and operates a wholesale warehouse. issued 30,000 shares of common stock in exchange for $300,000 in cash. purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. purchased inventory on account at a cost of $90,000. the company uses the perpetual inventory system. credit sales for the month totaled $120,000. the cost of the goods sold was $70,000.paid $5,000 in rent on the warehouse building for the month of march. paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning april 1, 2018.paid $70,000 on account for the merchandise purchased in 3.collected $55,000 from customers on account. recorded depreciation expense of $1,000 for the month on the equipment. prepare journal entries to record each of the transactions listed above. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)