(Solved): The following transactions occurred during March 2024 for the Right Corporation. The company opera ...

The following transactions occurred during March 2024 for the Right Corporation. The company operates a wholesale warehouse. 1. Issued 30,000 shares of no-par common stock in exchange for \( \$ 300,000 \) in cash. 2. Purchased equipment at a cost of \( \$ 40,000 \). Cash of \( \$ 10,000 \) was paid and a note payable to the seller was signed for the balance owed. 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, \( 2024 . \) 7. Paid \( \$ 70,000 \) on account for the inventory purchased in transaction \( 3 . \) 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 expanded accounting equation for a corporation. Note: Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.