Record Journal Entries for the Following Transactions
(1) Paid $1,400 cash interest on borrowings
(2) Excluded
(3) $2,500 of inventory is purchased for cash
(4) Sold goods for $2,800 on account
(5) Record $1,500 for the cost of inventory sold in (4) above
(6) Collected $2,000 cash from transaction (4) above
(7) Excluded
(8) Paid $20,000 on a note payable that came due
(9) Excluded