The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.

1. Issued 44,000 shares of common stock in exchange for $440,000 in cash.
2. Purchased equipment at a cost of $68,000. $17,000 cash was paid and a note payable was signed for the balance owed.
3. Purchased inventory on account at a cost of $134,000. The company uses the perpetual inventory system.
4. Credit sales for the month totaled $190,000. The cost of the goods sold was $114,000.
5. Paid $6,000 in rent on the warehouse building for the month of March.
6. Paid $6,850 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016.
7. Paid $114,000 on account for the merchandise purchased in 3.
8. Collected $85,500 from customers on account.
9. Recorded depreciation expense of $1,700 for the month on the equipment.

Prepare a journal entry