28.(14 Points) Latimer Legal Services had the following transactions during its first month of May 1 Latimer Legal Scrvices received $20,000 cash and issued common stock to the May 3 Purchased equipment on account or $3,000 operations stockholders May 2 Paid the May rent, $5.000 May 12 Performed services for a client and billed the customer $12,200. The customer promised to pay within 10 days May 15 Paid for the equipment purchased May 3 on account. May 28 Borrowed $10,000 from First National Bank for business use May 31 Recorded annual equipment depreciation, $600 Required: Record the transactions of the business in a journal. Include an explanation for each entry Answer: ate Account 12