PROBLEMS 1. 2. Record the following journal entries for Taylor Company for the month of March: a. Borrowed $4,500 from Local Bank and Trust b. Investors contributed $10,000 in cash for shares of stock c. Bought inventory costing $2,000 on credit d. Sold inventory that originally cost $400 for $600 on credit e. Purchased a new piece of equipment for $500 cash f. Collected $600 in cash from sale of inventory in (d) above g. Paid for inventory purchased in (c) above h. Paid $1,200 in cash for an insurance policy that covers the next year i. Employees earned $3,000 during the month but have not yet been paid j. Paid employees $2,900 for wages earned and recorded during February For each of the following transactions, determine if Raymond Corporation has earned.revenue during the month of May.and ice bank mighFYRIRKOMNARE