The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. a. Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash.
b. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed.
c. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
d. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
e. Paid $5,000 in rent on the warehouse building for the month of March.
f. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
g. Paid $70,000 on account for the merchandise purchased in c.
h. Collected $55,000 from customers on account.
i. Recorded depreciation expense of $1,000 for the month on the equipment.

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