Answer to Question #213139 in Accounting for zuby

Question

1.

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

4.6 End-of-Chapter Exercises 84

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

2.

Answer 1

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