30. Phillips Company engaged in the following transactions during the month of March. Prepare journal entries (in general journal format) for each transaction. (15 points)

1. Phillips borrowed $560,000 from Ellington Bank.

2. Phillips purchased $239,000 worth of inventory from Jackson Corporation on account.

3. Phillips sold the entire inventory purchased in transaction b for $500,000 on account.

4. Phillips paid salaries to its employees of $109,000. No previous accrual had been made for salaries.