The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 37,000 shares of no-par common stock in exchange for $370,000 in cash. 2. Purchased equipment at a cost of $47,000. Cash of $13,500 was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $92,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $155,000. The cost of the goods sold was $77,000. 5. Paid $5,700 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, 2024. 7. Paid $77,000 on account for the inventory purchased in transaction 3. 8 . Collected $62,000 from customers on account. 9. Recorded depreciation expense of $1,700 for the month on the equipment. Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero. Prepare a tria balance from the ending account balances. Complete this question by entering your answers in the tabs below. Prepare a trial balance from the ending account balances
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