Reference no: EM132475652

Taylor Company had the following transactions occurred in the month of March as follow:

Point 1. Depreciation for the month amounted to $700

Point 2. Purchased inventory on account for $3,000

Point 3. Returned a portion of the inventory deemed defective for $200

Point 4. Paid creditors $2,200 for inventory purchased in #2

Point 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

Point 6. Sold inventory for $4,100 cash that cost Taylor Company $2,600

Required:

Question 1. Journalize the transactions for Taylor Company.