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Business, 20.09.2020 14:01 xxgissellexx

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 36,000 shares of non-par common stock in exchange for $360,000 in cash.
Purchased equipment at a cost of $52,000. $13,000 cash was paid and a notes payable to the seller was signed for the balance owed.
Purchased inventory on account at a cost of $110,000. The company uses the perpetual inventory system.
Credit sales for the month totaled $150,000. The cost of the goods sold was $90,000.
Paid $4,750 in rent on the warehouse building for the month of March.
Paid $6,250 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
Paid $90,000 on account for the merchandise purchased in 3.
Collected $67,500 from customers on account.
Recorded depreciation expense of $1,300 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.)

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