.. 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