.. Record the following journal entries for Taylor Company for the month of March:
1. Borrowed $4,500 from Local Bank and Trust
2. Investors contributed $10,000 in cash for shares of stock
3. Bought inventory costing $2,000 on credit
4. Sold inventory that originally cost $400 for $600 on credit
5. Purchased a new piece of equipment for $500 cash
6. Collected $600 in cash from sale of inventory in (d) above
7. Paid for inventory purchased in (c) above
8. Paid $1,200 in cash for an insurance policy that covers the next year
9. Employees earned $3,000 during the month but have not yet been paid 10. Paid employees $2,900 for wages earned and recorded during February