Record each of the following transactions in Guerrero's General Journal. (Omit explanations.)

1. Issued capital stock for $\$ 50,000$ cash.

2. Borrowed $\$ 10,000$ from a bank. Signed a note to secure the debt.

3. Purchased inventory from a supplier on credit for $\$ 8,000$.

4. Paid the supplier for the inventory purchased in (3) above.

5. Sold inventory that cost $\$ 1,200$ for $\$ 1,500$ on credit.

6. Collected $\$ 1,500$ from customers.

7. Paid salaries and rent of $\$ 25,000$ and $\$ 1,200$, respectively.