Activity 1: Transactions Prepare the journal entries to record the following transactions for the business for the month of May 2016. Be sure to use the appropriate day books. May 1 Owner deposited $50,000 of his own money into the business' bank account 5 Purchased office supplies for $80 and a laptop for $2,500, both on credit. 5 Bought $8,000 worth of new inventory from Dakers(33) on credit to be sold in the shop 6 Paid rent of $900. 7 Received $2,000 cash from a B. Munnings (20) for services provided. 9 Sold inventory for $1,750 cash, and $4,150 on credit. The inventory had cost the business $4,000 10 A short-term bank loan from Atlantic Bank (101) of $10,000 was taken out to help with some equipment purchases. 12 Owner took home $1,500 for personal use 19 Invoiced a client for $2,100 for services provided. 23 Paid $2.000 of accounts payable from Courts (33) General Journal Template GJ1 Date Details Ref Debit Credit