Exercise $2-1($Algo$)$ Transaction analysis $[$LO$2-1]$

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

Issued $34,000$ shares of no$-$par common stock in exchange for $$340,000$ in cash.

Purchased equipment at a cost of $$48,000.$ Cash of $$12,000$ was paid and a note payable to the seller was signed for the balance owed.

Purchased inventory on account at a cost of $$104,000.$ The company uses the perpetual inventory system.

Credit sales for the month totaled $$140,000.$ The cost of the goods sold was $$84,000.$

Paid $$4,500$ in rent on the warehouse building for the month of March.

Paid $$6,100$ to an insurance company for fire and liability insurance for a one$-$year period beginning April $1,2024.$

Paid $$84,000$ on account for the inventory purchased in transaction $3.$

Collected $$63,000$ from customers on account.

Recorded depreciation expense of $$1,200$ for the month on the equipment.

Required:

Analyze each transaction and show the effect of each on the expanded accounting equation for a corporation.

Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.

$\backslash$table$[[,$Assets,$=,$Llabillitles,$+,$Paid$-$In Capital,$+,$Retained Earnings$],[1.,340,000,=,$H$,+,340,000,+,],[2.,36,000,=,36,000,+,,+,],[3.,104,000,=,104,000,+,$E$,+,],[4.,,=,,+,1,+,],[5.,4,500,=,4,500,+,,+,],[6.,,=,,+,,+,],[7.,,=,,+,,+,],[8.,,=,,+,,+,],[9.,,=,,+,,+,]]$