20 Marks May-22 uChampion (UC) Shop commenced business on 1 May 2022. The following transactions occurred during the first month of operations: S 1 Jenny, the owner, invested cash into the business. 55000 1 Paid in cash for shop furniture. 10000 1 Prepaid in cash for a 6 month insurance policy effective from 1 May. 3600 6 Acquired shop equipment of total value on following terms. Paid in cash for above shop equipment 15000 5000 The rest of the balance to be paid in 30 days 10000 22 Jenny withdrew cash from the business bank account for personal use. 1000 Total amount billed to customers for services provided during the 31 40000 month on following terms Received cash towards revenue 24000 Credit revenue to be received in cash in next month 16000 31 Paid May salary expenses in cash. 3000 31 Accrued operating expenses for May to be paid in June. 4500 31 Depreciation expense on equipment for month of May 550 31 Calculate and record the expired insurance premium for May. $? Required: Prepare the general journal entries to record the above transactions. Narrations are required. Assume that GST does not apply. 20 marks