Please do not give solution in image format thanku The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesalewarehouse.1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.2. Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balanceowed.3. Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.4. Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.5. Paid $5,000 in rent on the warehouse building for the month of March.6. Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.7. Paid $70,000 on account for the merchandise purchased in 3.8. Collected $55,000 from customers on account.9. Recorded depreciation expense of $1,000 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 shouldbe indicated by a minus sign. Enter the net change on the accounting equation.)1.2.3.4.5.6.7.8.9.Assets300,00090,000(5,000)(70,000)(1,000)=Liabilities30,00090,000(70,000)+ Paid-In Capital + Retained Earnings300,000(5,000)(1,000)

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Description: Please do not give solution in image format thanku The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesalewarehouse.1. Issued 30,000 shares of common stock in exchange for $300,0

Acounting equation represents that the assets are equal to the liabilities and stockholders' equity…

Answered: The following transactions occurred…

Business

Accounting

The following transactions occurred during March 20211

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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