The following transactions occurred during march 2021 for the wainwright corporation. the company owns and operates a wholesale warehouse. issued 20,000 shares of common stock in exchange for $200,000 in cash. purchased equipment at a cost of $20,000. $5,000 cash was paid and a notes payable to the seller was signed for the balance owed. purchased inventory on account at a cost of $62,000. the company uses the perpetual inventory system. credit sales for the month totaled $70,000. the cost of the goods sold was $42,000. paid $3,000 in rent on the warehouse building for the month of march. paid $5,200 to an insurance company for fire and liability insurance for a one-year period beginning april 1, 2021. paid $42,000 on account for the merchandise purchased in 3. collected $31,500 from customers on account. recorded depreciation expense of $500 for the month on the equipment.