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Homework #1 A Saved The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 42,000 shares of non-par common stock in exchange for $420,000 in cash. 2. Purchased equipment at a cost of $64,000 $16,000 cash was paid and a notes payable to the seller was signed for the balance Owed. 3. Purchased inventory on account at a cost of $128,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $180,000. The cost of the goods sold was $108,000. 5. Paid $5,750 in rent on the warehouse building for the month of March. 6. Paid $6.700 to an insurance company for fire and liability insurance for a one year period beginning April 1, 2021. 7. Paid $108,000 on account for the merchandise purchased in 3. 8. Collected $81,000 from customers on account. 9. Recorded depreciation expense of $1,600 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.) View transaction list Journal entry worksheet 5 1 2 3 4 5 6 7 8 9 10 Issued 42,000 shares of common stock in exchange for $420,000 in cash.