Reference no: EM132482527
Taylor Company had the following transactions occurred in the month of March as follow:
1. Depreciation for the month amounted to $700
2. Purchased inventory on account for $3,000
3. Returned a portion of the inventory deemed defective for $200
4. Paid creditors $2,200 for inventory purchased in #2
5. Paid 6 months' rent of $600 in advance, covering April 1, 2012 through September 30, 2012. The contract price did not increase from the previous 6 months' period and covered October 1, 2011 through March 31, 2012
6. Sold inventory for $4,100 cash that cost Taylor Company $2,600
Required:
Question 1. Journalize the transactions for Taylor Company.