Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020:

Required

Prepare journal entries for each of the above transactions.

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Purchased new equipment, paying cash of $14,700 and signing a 90-day note payable for the balance of $39,000. Purchased 12 months of insurance to begin May 2; paid $28,200. May Completed a fitness contract for a group of clients today and received $6,700. Purchased office supplies on account; $4,100. Returned to the supplier $820 of defective office supplies purchased on May 4. Provided services to a client today on account; $12,200. Paid for the May 4 purchase less the return of May 6. Received payment from the client of May 10. Received cash of $3,200 from a client for work to be done in June. 10 15 20 25 31 Paid month-end salaries of $54,000. Paid the May telephone bill today; $2,600. 31 31 Received the May electrical bill today; $3,800. It will be paid on June 15.