Please help me to get the answer with explanation( Answer each blank exactly with what the question need. For example, when there are an increase and decrease in asset I know we have to debit and credit asset. But my question what should I put which one of them when I only have one raw for each transaction.

The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. Issued 52,000 shares of common stock in exchange for $520,000 in cash. Purchased equipment at a cost of $84,000. $21,000 cash was paid and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $158,000. The company uses the perpetual inventory system. Credit sales for the month totaled $230,000. The cost of the goods sold was $138,000. Paid $7,000 in rent on the warehouse building for the month of March. Paid $7,450 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2018. Paid $138,000 on account for the merchandise purchased in 3. Collected $103,500 from customers on account. Recorded depreciation expense of $2,100 for the month on the equipment. Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.)

Learning Module 2 Assignment #3 (Spiceland Chap.. 0 Saved Help Save & Exit Submit Check my work The following transactions occurred during March 2018 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 2.5 points 1. Issued 52,000 shares of common stock in exchange for $520,000 in cash. 2. Purchased equipment at a cost of $84,000. $21.000 cash was paid and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $158,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $230,000. The cost of the goods sold was $138,000. 5. Paid $7,000 in rent on the warehouse building for the month of March. 6. Paid $7,450 to an insurance company for fire and liability insurance for a one year period beginning April 1, 2018 7. Paid $138,000 on account for the merchandise purchased in 3. 8. Collected $103,500 from customers on account. corded depreciation expense of $2.100 for the month on the equipment. Hint References Required: Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.) Liabilities + + Retained Earnings Paid-In Capital 520,000 1. 63.000 158,000 230,000 Assets 520.000 84000(21000) 158,000 230000-138000 (7,000) 7450 (7450) (138,000) | 103500-103500 (2,100) 5. (138,000) (7,000) (7.450) (138,000) 7. (138,000) 103,500 8. 9. (2,100)