1) May1 Purchased new equipment, paying cash of $50,000 and signing a 90-day note payable for the balance of $87,500 2) May2 Purchased 12 months of insurance to begin May2; paid $3,800 3) May3 Completed a design for a customer today and received $6,000 4) May4 Purchased office supplies on account; $4,250 5) May 6 Returned to the supplier $650 of defective office supplies purchased on May4 1) May1 Purchased new equipment, paying cash of $50,000 and signing a 90-day note payable for the balance of $87,500 2) May2 Purchased 12 months of insurance to begin May2; paid $3,800 3) May3 Completed a design for a customer today and received $6,000 4) May4 Purchased office supplies on account; $4,250 5) May 6 Returned to the supplier $650 of defective office supplies purchased on May4