Taylor Company begins the month of May with $67,800 in cash, $2,200 of office supplies inventory and $70,000 in stock sold at par. During the month, the company has eight transactions. Prepare the appropriate journal entries for each transaction. You will also need to prepare the appropriate adjusting journal entries for month-end May 31. On May 1, the company receives $9,000 cash, the company has agreed to allow a potential customer to use rent part of the companys office space from May 1 through October. On May 1, the company buys a one-year $100,000 fire insurance policy for the office building. The one-year premium paid on May 1 was $7,200. The company purchases $11,000 of inventory. $6,000 was purchased on credit and the remainder with cash. The company sells the entire inventory for $19,000 on account. The company collects $11,000 of the accounts receivable.The company pays $2,500 on the account payable.Employees earn $6,000, to be paid next month. On May 31, there are only $1,300 of office supplies left.