In December, the first five transactions of Gillespie Consulting have been posted to the T-accounts. Prepare the journal entries that served as the sources for the five transactions. Include an explanation for each entry. 

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Cash (1) 53,000 40,000 (3) (4) 60,000 6,000 (5) Accounts Payable 1,000 (2) Supplies (2) 1,000 Notes Payable 60,000 (4) Building Equipment (3) 40,000 (5) 6,000 Gillespie, Capital 53,000 (1)