1. Journalized each transaction. Explanation not required May 1 Ms. Pronze contributed $28,000 to the new business. May 2 Paid 3 months of Insurance in advance $5,000. May 5 Borrowed $3,000 from the bank for business use. May 6 Provided consulting services on account $4,500. May 4 Purchased office supplies on account $2,300. Consulting Life Services General Journal Account Titles and Description Date Debit Credit