For each of the following transactions, construct journal entries: Inventory costing $3, 100 was purchased on account. A payment of $3,000 was made on accounts payable. Inventory costing $1, 800 was sold on account for $2, 700. Accounts receivable of $2,000 were collected. Supplies costing $1, 400 were purchased on account. Supplies costing $500 were consumed during the period. New equipment costing $7, 500 was purchased for cash. The company borrowed $12,000 from a bank. The company issued common shares for $20,000. Wages totaling $6, 300 were earned by employees and paid to them. The company paid $2,000 on its bank loan, which included $150 of interest. The company paid $2, 500 for the monthly rent on its leased premises. Land costing $23,000 was purchased. The company paid $3,000 in cash and the remainder was financed with a mortgage (a long-term loan)