Bruce bach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020: May 1 Purchased new equipment, paying cash of $14,680 and signing a 90-day note payable for the balance of $38,000. 2 Purchased 12 months of insurance to begin May 2; paid $27,600. 3 Completed a fitness contract for a group of clients today and received $6,600. 4 Purchased office supplies on account; $4,050. 6 Returned to the supplier $810 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $12,100. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,100 from a client for work to be done in June. 31 Paid month-end salaries of $53,000. 31 Paid the May telephone bill today; $2,550. 31 Received the May electrical bill today; $3,700. It will be paid on June 15